Combating Money Laundering and Terrorist Financing in Albania

Legal Requirements for Banks

In Albania, banks are required to implement measures to prevent money laundering and terrorist financing. The relevant laws and regulations are outlined below:

Key Areas of Compliance

According to the Albanian Financial Intelligence Unit (FIU), banks must comply with four key areas:

• Know Your Customer (KYC): Banks must identify and verify their customers’ identities.
• Customer Due Diligence (CDD): Banks must collect information about their customers, including their business activities and source of funds.
• Customer and Transaction Screening: Banks must screen their customers and transactions to identify potential risks.
• Suspicious Activity Reporting: Banks must report any suspicious activity to the FIU.

Banking Secrecy in Albania

The Albanian Banking Law regulates banking secrecy, with articles 91 and 125 outlining the obligations of banks to protect professional secrecy. However, further research may be needed for a comprehensive understanding of these regulations.

References

• Law no. 9917 dated 19.05.2008 “On the prevention of money laundering and terrorism financing” (AML Law)
• AML Regulation of the Bank of Albania no. 44/2009
• Instruction no. 28, dated 31.12.2012, of the Albanian Financial Intelligence Unit (FIU)