Albania Introduces Stringent Anti-Money Laundering Regulations

Strengthening Financial Sector Integrity

The Supervisory Council of Albania has approved a new regulation aimed at preventing the misuse of financial institutions for money laundering and/or terrorism financing. The “Regulation on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)” was amended and published in the Official Journal, entering into force on January 8th, 2020.

Key Requirements

The regulation sets out clear procedures and documentation requirements for financial institutions to:

• Identify their customers
• Maintain accurate records
• Preserve data
• Report suspicious transactions to the responsible authority

These measures are designed to ensure that Albania’s financial sector remains a reliable and secure environment for both domestic and international business operations.

Enhanced International Standards Compliance

With this new regulation in place, Albania has strengthened its anti-money laundering regulations, bringing them in line with international standards. The Supervisory Council is confident that the enhanced measures will effectively prevent the misuse of financial institutions for illegal activities, thereby safeguarding the integrity of the country’s financial system.

Implementation and Monitoring

As the regulation comes into effect, financial institutions operating in Albania are expected to implement the new requirements without delay, ensuring compliance with the revised rules. The Supervisory Council will closely monitor the implementation process and take swift action against any non-compliant entities.