Albania’s AML/CTF supervisors
An independent public organisation called the Financial Supervisory Authority (FSA) oversees policing, approving, and monitoring organisations involved in the insurance, securities, and voluntary pension fund industries. This also involves checking on an organisation's AML/CTF compliance.
The primary governmental organisation responsible for developing and carrying out AML/CTF policies is the Office of Foreign Assets Control (OFAC).
The AML/CTF policy is planned and generally directed by the Coordination Committee for the Fight Against Money Laundering (CCFML), which meets at least once annually.
The Albanian State Police (ASP) oversees preserving law and order, border security, and investigating crimes.
In the name of the state, the General Prosecutor's Office (GPO) conducts criminal prosecution and supervises trials.
The General Directorate of Customs (GDC) collaborates with several law enforcement agencies to report criminal violations uncovered in the customs jurisdiction.
The Albanian central bank, the Bank of Albania (BOA), regulates, licences, and supervises Albanian banks. As part of its responsibilities, the BOA monitors compliance with AML/CTF regulations.
How do you comply with AML/CTF regulations in Albania?
Albania's AML/CTF rules apply to financial institutions such as banks, non-banking financial institutions, exchange offices, savings and credit enterprises and their affiliated unions, postal services that handle payments, stock exchanges, businesses that offer life insurance or reinsurance, gambling, casinos, law firms, public notaries, and other legal representatives, financial consulting firms, and authorised independent accountants.
You must abide by the following legislation in Albania as a reporting entity.
Using customer due diligence (CDD) precautions
Applying a risk-based approach, develop procedures for detecting, evaluating, monitoring, and reducing risks related to money laundering and terrorism financing. Policies, procedures, specific structures, training, and control systems that efficiently recognise and manage risk exposure should be used to support these processes
Implementing suitable AML/CTF systems, including relevant policies and procedures
Continually assessing the client's business connection based on the transactional profile, the customer profile, and the exposure to regional risk
What are my AML/CTF reporting obligations?
There is a responsibility to immediately report to the appropriate authorities whenever there is suspicion that a transaction needed by a client or individual may include proceeds of crime or funds derived from criminal conduct used to finance terrorism.