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Compliance Guide for Businesses Operating in Albania: Anti-Money Laundering (AML) and Know Your Customer (KYC)

This document serves as a comprehensive guide for businesses operating in Albania, outlining key points to ensure compliance with AML and KYC regulations.

Verification of End-Users

To comply with Albanian regulations, businesses must verify the identities of end-users. This includes:

• Collecting documents such as ID cards or passports
• The verification process is not a one-time instance but rather required in multiple instances as per regulations

Timing of Verification

Businesses must adhere to specific timing guidelines for identity verification:

• Identity verification should be pursued when onboarding a new customer
• If dealing with transaction data, apply identity verification based on monetary thresholds defined in Albania’s regulations
• Employ identity verification if facing higher risks from customers

Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD) Measures

To ensure compliance, businesses must determine if their customers are PEPs or exhibit a higher risk profile:

• Shufti Pro provides an AML screening service to help businesses fulfill their obligations
• Businesses must take enhanced due diligence measures for high-risk customers

Reliance on External Services

Businesses may seek the services of a third party for due diligence measures, but they remain liable for maintaining compliance and fulfilling AML/KYC obligations.

Record Retention

To maintain compliance, businesses must retain data for at least five years as part of their AML and KYC obligations. If using a third-party service to process, collect, or manage data, businesses are still responsible for collecting necessary information without undue delay.

Overall, this guide highlights the importance of robust AML/KYC measures in Albania and provides guidance on how businesses can comply with regulations.