Albania’s Financial Institutions Get Guidelines to Fight Money Laundering and Terrorism Financing

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The Supervisory Council has approved a new set of rules aimed at preventing the use of financial institutions for money laundering and/or terrorism financing in Albania. The Regulation, numbered 44 (Amended), comes into force on January 8th, 2020.

Purpose of the Guidelines

The purpose of these guidelines is to prevent the misuse of financial institutions by criminals seeking to launder money or finance terrorist activities.

Key Requirements

Financial Institutions Must:

• Establish procedures for identifying their customers
• Keep records and preserve data
• Report this information to the responsible authority

Implementation Details

The new rules were published in the Official Journal on December 24th, 2019, and will apply to all financial institutions operating in Albania. The Regulation was approved by the Supervisory Council and is part of efforts to strengthen supervision and regulation in the country’s banking sector.

Timeline

• January 8th, 2020: Regulation comes into force

By implementing these guidelines, Albania’s financial institutions can help prevent money laundering and terrorism financing, ensuring a safer and more secure financial system for its citizens.