Tighter Regulations: Strengthening Anti-Money Laundering and Counter-Terrorism Financing Efforts in Albania

New Guidelines for Albanian Banking Sector

On June 10, 2009, the Supervisory Council approved Regulation No. 44 (Amended) to enhance Albania’s anti-money laundering and counter-terrorism financing efforts. The regulation went into effect on January 8, 2020.

Key Provisions of the Regulation

• Customer Identification: Financial institutions must ensure that all customers are properly identified and recorded in their systems.
• Transaction Record Keeping: Accurate records of all transactions, including those suspected of being linked to money laundering or terrorism financing, must be maintained.
• Suspicious Activity Reporting: Financial institutions must report any suspicious activity to the relevant authorities for investigation and necessary action.

Strengthening Albania’s Anti-Money Laundering Framework

The introduction of these new regulations is a significant step in Albania’s efforts to combat money laundering and terrorism financing. The aim is to strengthen the country’s anti-money laundering framework, protect its financial system from abuse, and ensure that it remains compliant with international standards.

Benefits of the Regulation

• Enhanced security for Albanian citizens
• Increased transparency and accountability within the banking sector
• Strengthened relationships with international partners through compliance with global regulations