Albania’s c-bank tightens rules for saving and loan associations

The changes in licensing regulations now require founding members, whether legal entities or individuals, to submit declaration of personal or business relationships with individuals facing penalties on criminal charges, and various certificates confirming the absence of criminal prosecution, trials, convictions, the central bank said in a press release on Wednesday.

As many as 16 saving and loan associations are active in Albania, according to central bank data published earlier this year. Saving and loan associations are financial institutions that accept deposits from their members (savers) and use those funds to provide loans, particularly for mortgages and home financing.