Banks in Albania Strengthen Compliance Procedures Amid Growing Financial Risks

The Need for Enhanced Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Procedures

The Albanian financial sector is facing increasing pressure to enhance its AML/CFT procedures, with regulators emphasizing the importance of strict compliance measures. This move comes in response to growing financial risks that threaten the stability of the country’s economy.

Key Players in Albania’s AML/CFT Landscape

Financial Supervisory Authority (FSA)

• An independent public institution responsible for regulating and licensing entities in the fields of insurance, securities, and voluntary pension funds.
• Plays a crucial role in ensuring that banks adhere to AML/CFT requirements.

General Directorate for the Prevention of Money Laundering (GDPML)

• Responsible for implementing and overseeing AML/CFT policies at the national level.
• Works closely with the Coordination Committee for the Fight Against Money Laundering (CCFML) to develop and implement AML/CFT strategies.

Law Enforcement Agencies

• Albanian State Police (ASP): Responsible for ensuring public order and integrity at the borders.
• General Prosecutor’s Office (GPO): Brings charges against individuals suspected of engaging in illicit activities.

Bank of Albania (BOA)

• Exercises supervisory functions over banks in Albania, including monitoring their AML/CFT compliance.
• Ensures that financial institutions adhere to international standards and best practices in AML/CFT.

Strengthening AML/CFT Procedures

In a bid to strengthen AML/CFT procedures, the Albanian government has established close cooperation between various agencies, including customs officials who work closely with law enforcement structures to identify and report potential financial crimes.