Financial Crime World

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Banking Secrecy in Albania

Key Points and Obligations

Banking Secrecy Obligation

The Albanian Banking Law imposes a strict obligation on banks to protect their professional secrecy. According to Article 91 of the law, this means that all information obtained or disclosed by the bank’s administrators, employees, past agents, judicial authorities, and inspectors from the Bank of Albania or other relevant institutions is confidential.

Scope of Confidentiality

This scope includes:

  • Information obtained through bank accounts and transactions
  • Data related to clients’ financial activities
  • All documents and records related to banking services

Exceptions to Confidentiality

Banking secrecy can be lifted in the following situations:

  • Tax purposes: When required by law for tax purposes, such as reporting income or assets.
  • Bankruptcy or liquidation: In cases where the bank is bankrupt or undergoing liquidation.
  • Client consent: When a client gives explicit permission to disclose their information.

Protection from Disclosure

Banks are obligated to protect this confidential information and may not disclose it to third parties without proper authorization. This ensures that sensitive data remains secure and confidential.

Failure to maintain banking secrecy can result in severe penalties, as outlined in the Albanian Banking Law. These penalties serve as a deterrent against unauthorized disclosure of confidential information.

AML/CFT Obligations

In addition to maintaining banking secrecy, banks are required to implement Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures. This includes:

  • Reporting suspicious transactions
  • Implementing AML/CFT compliance programs
  • Maintaining records of customer information