Albania Strengthens Anti-Money Laundering Policies

Tighter Regulations to Combat Money Laundering and Terrorism Financing

In a significant move to prevent the misuse of financial institutions for illicit activities, Albania’s Supervisory Council has approved a new regulation aimed at strengthening anti-money laundering policies in the country. The regulation, which comes into effect on January 8th, introduces stricter measures to detect and prevent money laundering and terrorism financing.

Key Provisions of Regulation No. 44 (Amended)

The new regulation outlines specific procedures for financial institutions to follow, including:

• Customer Identification: Financial institutions will be required to identify customers and maintain accurate records.
• Record-Keeping: Detailed records of customer transactions must be kept for a certain period.
• Data Preservation: Institutions must preserve data related to customer transactions.
• Reporting Requirements: Regular reports must be submitted to the responsible authority, which will monitor and enforce compliance.

Enhancing Transparency and Security in Albania’s Financial Sector

The introduction of these stricter policies is seen as a significant step in combating money laundering and terrorism financing in Albania. The country’s authorities aim to ensure that its financial sector operates transparently and securely, protecting both domestic and international interests.

By implementing these measures, Albania demonstrates its commitment to global standards for anti-money laundering and counter-terrorism financing. This move will help maintain the integrity of the country’s financial system and promote a safer environment for investors and stakeholders alike.