Financial Crime World

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AML CFT Regulatory Updates in Albania

In Albania, the financial sector is subject to strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations aimed at preventing the misuse of the country’s financial system. The Financial Supervisory Authority (FSA), an independent public organization, oversees the implementation of these regulations, while other key authorities play a crucial role in ensuring compliance.

Authorities Involved

  • General Directorate for the Prevention of Money Laundering (GDPML)
  • Office of Foreign Assets Control (OFAC)
  • Coordination Committee for the Fight Against Money Laundering (CCFML)
  • Albanian State Police (ASP)
  • General Prosecutor’s Office (GPO)
  • General Directorate of Customs (GDC)

Entities Subject to AML/CTF Regulations

Financial institutions in Albania, including:

  • Banks
  • Non-banking financial institutions
  • Exchange offices
  • Savings and credit enterprises
  • Their affiliated unions
  • Postal services that handle payments
  • Stock exchanges
  • Businesses offering life insurance or reinsurance
  • Gambling
  • Casinos
  • Law firms
  • Public notaries
  • Financial consulting firms
  • Authorized independent accountants

Compliance Requirements

To ensure compliance, reporting entities in Albania must:

  • Use customer due diligence (CDD) precautions
  • Apply a risk-based approach to detect, evaluate, monitor, and reduce risks related to money laundering and terrorism financing
  • Implement suitable AML/CTF systems, including relevant policies and procedures
  • Continually assess their clients’ business connections based on transactional profiles, customer profiles, and regional risk exposure

Reporting Obligations

Reporting obligations are a critical aspect of AML/CTF compliance in Albania. Whenever there is suspicion that a transaction may include proceeds of crime or funds derived from criminal conduct used to finance terrorism, reporting entities must:

  • Immediately report the matter to the appropriate authorities

Conclusion

In summary, Albanian financial institutions must be aware of their AML/CTF reporting obligations and take necessary steps to ensure compliance with regulations aimed at preventing money laundering and the financing of terrorism.