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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Albania
SectionTitle
KYC requirements
Body
The
know your customer
or
know your client
(
KYC
) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.
Legal affairs
National regulatory framework regarding AML and effective date of the regulations
The AML Law in Albania – i.e. Law no.9917, dated 19.5.2008 “On prevention of money laundering and terrorism financing”, has been approved in 2008 and has been amended several times since then, with the last amendment dating 2019. It is the main piece of legislation regarding AML in Albania together with Regulation no. No. 44/2009 “On prevention of money laundering and terrorism financing” (AML Regulation) that is related to the banking/financing sector.
National regulator or relevant authority for AML controls
The relevant authority is the General Directorate on Prevention of Money Laundering.
Customer Due Diligence
Conduct of a typical KYC identification process
The AML Law prescribes the documents required for know your client procedure (KYC). The receiving bank must collect the following data:
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.
The AML Law prescribes the transactions for which the due diligence is required as follows:
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.
Further, the AML Law establishes the due diligence measures which must be taken into consideration by the relevant entity.
The identification process of new customers based on the AML Regulation does not necessarily require the physical presence of the customers at the premises of the bank. However, in practice, the banks will require the legal presence of the customer, hence face-to-face identification in addition to submission of a passport or ID document. For the identification of customers in respect
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Authors
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Oltion Myftari
CR Partners in cooperation with Karanovic & Partners
[email protected]
0
3684
Ermal Mema
CR Partners in cooperation with Karanovic & Partners
[email protected]
0
3684
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