Albania’s Ministry of Finance reported that Parliament approved amendments to the payment services law, strengthening consumer protections, requirements for electronic money institutions and operational security. The amendments align the framework with European Union standards and establish a legal basis for reciprocal recognition of licenses once Albania joins the EU. For consumers and businesses, the amendments extend the deadline for claims concerning unauthorized or incorrectly executed transactions from six to 13 months. They also strengthen transparency over fees and service conditions, improve consumer information and establish a legal basis for limiting interchange fees on card payments and ensuring information is accessible to all. For electronic money institutions, the amendments set statutory requirements for licensing, capital, safeguarding customer funds and supervision. Higher requirements also cover technology and cyber risk management, business continuity, and reporting of major incidents and fraud. Following EU accession, the license recognition mechanism, known as passporting, would allow licensed Albanian institutions to provide services in EU member states and EU-licensed institutions to operate in Albania under the applicable supervisory rules.
Albania’s Ministry of Finance reports parliamentary approval of payment services reforms, extending transaction claims to 13 months
Albania’s Ministry of Finance reported parliamentary approval of payment services amendments that extend the deadline for claims over unauthorized or incorrectly executed transactions from six to 13 months and establish a basis for limiting card interchange fees. The changes also set requirements for electronic money institutions and strengthen technology risk management and incident reporting. A passporting framework would enable reciprocal market access for licensed Albanian and EU institutions once Albania joins the EU.