Legal affairs

National regulatory framework regarding AML and effective date of the regulations

National regulator or relevant authority for AML controls

Customer Due Diligence

Conduct of a typical KYC identification process

a) Identification data: Business name, date of incorporation and registration, form of the entity, scope of the activity, Taxpayer Identification Number, legal seat, legal representative, and his/her personal data.
b) Ultimate beneficiaries: collect data about who the ultimate beneficiaries and his/her identification data.
c) Transaction data: business relationship between parties in the transaction, including but not limited to transactional document, transaction value, currency, execution date, form of execution, and data which are relevant to origin of the money.

a) before establishing a business relationship;
b) when the customer carries out or intends to carry out: money transfer within the country or abroad or a transaction at an equal amount or exceeding 100.000 Lek or its equivalent value in foreign currencies, for certain entities only as well as entities providing transfer services, foreign exchange, or gaming services;

• money transfer within the country or abroad or a transaction at an equal amount or exceeding 100.000 Lek or its equivalent value in foreign currencies, for certain entities only as well as entities providing transfer services, foreign exchange, or gaming services;
• transactions at an equal amount of not less than 1.000.000 Lek or its equivalent value in other foreign currencies, executed in a single transaction or in several linked transactions. If the transactions value is not known at the time of operation, the identification shall be performed as soon as the amount is known, and the above threshold is reached;
c) if there are doubts about the veracity of the previously obtained identification data;
d) in all cases when, regardless of the reporting thresholds stipulated herein, there are doubts about money laundering or financing of terrorism.