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Compliance Program Management in Albania: A Guide for Financial Institutions

In Albania, complying with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations is crucial for financial institutions to prevent illegal activities and maintain a good reputation. The Albanian government has established several organizations to oversee and enforce these regulations.

Key Organizations

  • Financial Supervisory Authority (FSA): An independent public organization responsible for policing, approving, and monitoring organizations involved in the insurance, securities, and voluntary pension fund industries.
  • General Directorate for the Prevention of Money Laundering (GDPML): The primary governmental organization responsible for developing and carrying out AML/CTF policies.
  • Coordination Committee for the Fight Against Money Laundering (CCFML): Plans and directs AML/CTF policy, meeting at least once annually.
  • Albanian State Police (ASP), General Prosecutor’s Office (GPO), General Directorate of Customs (GDC), and Bank of Albania (BOA): Play important roles in enforcing AML/CTF regulations.

Compliance Requirements

As a reporting entity, you must abide by the following legislation:

  • Customer Due Diligence: Use precautions to identify and verify customer information.
  • Risk-Based Approach: Detect and evaluate risks related to money laundering and terrorism financing.
  • Suitable AML/CTF Systems: Implement systems to prevent illegal activities.
  • Continual Assessments: Continuously assess client business connections based on transactional profiles, customer profiles, and regional risk exposure.

Reporting Suspicious Transactions

Financial institutions are required to report suspicious transactions to the appropriate authorities immediately. This includes reporting any suspicion that a transaction may include:

  • Proceeds of crime
  • Funds derived from criminal conduct used to finance terrorism

Establishing Robust AML/CTF Compliance Programs

It is essential for financial institutions in Albania to establish robust AML/CTF compliance programs to prevent illegal activities and maintain a good reputation. By understanding the regulations and requirements, you can ensure compliance and avoid potential penalties and reputational damage.

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