The banking industry of Macedonia faces many challenges. With the onset of
the Internet age, banks are confronting new threats from computer viruses and
hackers as Macedonia adopts modern financial services such as E-banking.
In addition, Macedonia is applying to become a member of the European
Union (EU) and local standards for the banking system’s information security
needs to meet EU requirements. Macedonia’s central bank (NBRM) also
needed help to create a secure banking environment.
The NBRM sought help from the Financial Services Volunteer Corps, a USAID
project in Macedonia, to create a bank information security system. Goran
Jankoski, Macedonia’s only official bank information technology examiner,
traveled to the United States to participate in an on-site bank examination in
New Jersey. He then worked with Don Saxinger, an American examination
specialist, for two weeks in Skopje to conduct his own audit of the system in
Macedonia. In addtion, Saxinger helped the NBRM draft a new law on bank
information system security which meets EU standards.
As a result of the USAID-provided assistance, Goran launched the first ever
cycle of bank IT system security audits. The NBRM is now able to cooperate
with law enforcement agencies to identify money laundering and other
financial crimes. Macedonia and the NBRM are better equipped to guarantee
the safety of the banking system, secure public confidence in the country’s
banking services, and meet banking security standards established by the
European Union.
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