Code of Good Practice for Banks and Saving Houses

                                                                                     Banker's Association within the Economic Chamber of Macedonia


Pursuant to Article 4 and 6 of the Rules of organization and manner of operation of the Bankers’ Association, no. 26-752/4 dated 22.02.2005, the Bankers’ Association at its meeting held on 11.02.2013 adopted the following

of Banks and Saving Houses in the Republic of Macedonia

Banks and Saving Houses – members of the Bankers’ Association within the Economic Chamber of the Republic of Macedonia have passed the Code of Good Practice of Banks and Saving Houses in the Republic of Macedonia (hereinafter: Code) with the purpose of:

  • Setting standards for good conduct and open communication in order to protect their clients,
  • Increasing safety and trust in the banking system as well as the reputation of the financial sector in the country,
  • Promoting responsibility, transparency and professionalism in their operation.

1. General provisions

1.1. The Code represents a voluntary frame which regulates the operation of banks and saving houses with their clients (legal entities and natural persons) setting the minimum standards and values of good practice, fair market competition, and aims at encouraging the banks and saving houses to achieve much higher standards for the benefit of their clients.
1.2. The Code comprises the basic rules that each bank should adhere to and should incorporate in its internal acts, i.e. codes, not excluding the possibility each bank to prescribe additional elements in its codes of conduct, beside the standards and principles set forth in this Code.

2. Principles of conduct of banks with their clients      

2.1 Ethical and professional conduct
2.2 Application and observance of laws and subordinate acts
2.3 Keeping the secrecy of the banking data and information
2.4 Objectivity and impartiality in operation with clients
2.5 Competent application of new knowledge
2.6 Safety and reliability of bank systems
2.7 Transparency of expenses in operation with clients in accordance with the prescribed provisions in the applicable legal regulation
2.8 Taking care for their clients

3. Banks are partners in the financial operations

3.1. Banks and saving houses shall pay special attention and care to professional training and up-grade of its employees and associates, in order to adequately respond to the requirements of their clients and the growth of their business.
3.2. The conduct of employees, who through their work and relation with clients represent the institution as a whole, shall be based on the principles of good cooperation, mutual respect and assistance.

4. Client protection

4.1. Business relation of banks and saving houses with their clients shall be based on principles of openness and mutual trust, and the information exchanged by banks and saving houses with clients during operation shall be accurate, complete and prompt. 
4.2. Fees for offered services, interest rates and other information are disclosed publicly (at the institution and on the official web site of each bank/saving house) pursuant to the applicable regulation.
4.3. Advertising and other marketing activities have to be clear, true and unambiguous and in accordance with the applicable regulation. They should not mislead the public, have adverse impact on the good business practice or cause harm to others. 
4.4. In their operations, banks and saving houses shall apply the standards and values set forth in the Code, taking care to protect the integrity of the banking and financial system as a whole, and protect the rights and interests of the depositors, debtors and shareholders equally as well as their own interests and the interests of the employees. At the same time, banks and saving houses are aware of the responsibility related to providing transparency and regularity of the financial processes.
4.5 Any information for banks’ clients and business partners, as well as information obtained in the course of banking and other activities for natural persons and transactions with natural persons, as well as for deposits of natural persons obtained during operation shall be considered as bank secrecy and shall be disclosed to a third party only under conditions set by law.
4.6. Any personal data, as well as the data for the clients’ accounts, shall not be disclosed to third parties, except in cases as set in the applicable law and subordinate regulation, and with written consent of the person whose data are to be disclosed.
4.7. Banks and saving houses shall regulate the submission procedure and the manner of handling the clients’ complaints by means of internal acts.

5. Relations among banks

5.1. Banks and saving houses are obliged to act in accordance with this Code, and the possible issues and disagreements among banks and saving houses in terms of application of the Code, they shall make an effort to solve within the Bankers’ Association, applying the principles of good banking practice, good business customs and common interest of the banking sector.

6. Transitional and closing provisions

6.1. This Code shall enter into force on the date of its adoption, and members of the Bankers’ Association are obliged to harmonize its operations with its provisions (in case they have not been harmonized with provisions of the Code at the moment of its enactment), and to implement it in their internal Codes within 6 months from its adoption.
6.2. Amendments and modifications of the Code may be implemented on initiative of any of the members of the Bankers’ Association. Modifications should be accepted unanimously by all members, and they shall enter into force within 60 days from the date of their acceptance.
6.3. This Code shall be available to the public through the official internet site of the Bankers’ Association, www.mchamber.org.mk and on the official internet site of each bank/saving house, member of the Association.

President of the Banker's Association

Gjorgji Janchevski


Minister of Economy

Valjon Sarachini

                                                                              Skopje, 15 March 2013