Albanian Government Tightens Grip on Anti-Money Laundering Regulations

Tirana, Albania - In a major effort to combat financial crime and safeguard the integrity of its banking system, Albania’s Supervisory Council has introduced stringent regulations aimed at preventing money laundering and terrorism financing.

Enhanced Anti-Money Laundering Framework

Approved on June 10, 2009, but effective as of January 8, 2020, Regulation No. 44 (Amended) outlines the procedures and documentation requirements for banks and other financial institutions to:

• Identify customers
• Maintain accurate records
• Preserve data
• Report suspicious transactions to relevant authorities

Key Provisions of the Regulation

The regulation published in the Official Journal on December 24, 2019, comprises critical measures towards enhancing Albania’s anti-money laundering framework and ensuring compliance with international standards. By establishing robust guidelines for customer identification, record-keeping, and reporting, the Supervisory Council seeks to prevent the misuse of financial institutions for illicit purposes.

Key Requirements:

• All entities subject to banking supervision in Albania must adhere to strict protocols for identifying customers
• Accurate records must be maintained
• Suspicious transactions must be reported to relevant authorities

Strengthening Anti-Money Laundering Regulations

By strengthening its anti-money laundering regulations, Albania aims to maintain a secure and stable financial environment, protecting both domestic and international stakeholders from the risks associated with money laundering and terrorism financing.