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Customer Due Diligence

Entities are required to conduct customer due diligence to verify the identity of customers. This includes collecting data such as:

• Name
• Date of birth
• Place of residence
• Employment information
• Type and number of identification document
• Personal number (for citizens of Albania or equivalent for foreign nationals)

For legal persons, entities must collect additional information such as:

• Company name
• Registration number
• Tax ID number
• Address
• Changes made during financial transactions

Entities are required to register and retain this data in customer files.

Simplified Diligence

Simplified diligence can be applied when a low risk of money laundering or terrorist financing is identified, based on risk assessments from competent authorities or entities’ own risk management procedures. In simplified diligence, entities may:

• Reduce the frequency of updating customer data and continuous monitoring
• Not collect specific information or take specific measures to understand the purpose and nature of business relationships (instead, relying on established relationships)

Simplified diligence can only be applied when ongoing monitoring of client relationships continues, and there is a possibility to identify unusual or suspicious transactions.

Required Documents for Identification

Entities must accept authentic documents, notarized copies, or electronic documents that meet validity requirements. For natural persons, entities must collect data such as:

• First name
• Last name
• Date of birth
• Place of residence
• Employment information
• Type and number of identification document
• Personal number (for citizens of Albania or equivalent for foreign nationals)

For legal persons, entities must collect additional information such as:

• Company registration number
• Tax ID number
• Address
• Changes made during financial transactions

Entities must retain copies of submitted documents in customer files.