TIRANA, Feb. 21 – Commercial banks operating in Albania won’t accept cash deposits of more than €50,000 without a document proving their source, according to a new regulation in force since mid-January 2018.
“Pursuant to domestic and European regulatory framework on the prevention of money laundering and terrorism financing, starting January 17, 2018, depositing big amounts of €50,000 or the equivalent in other currencies, our bank’s cash desk services require support documents to justify the source of income. If you don’t meet this requirement, the bank is eligible to refuse the money,” according to announcements posted on bank units.
Under the previous rules, individuals depositing more than 1 million lek (€7,000) had to declare the source of income and could be held responsible for their own statement, a responsibility which has now partly switched to banks.
Banks and other financial institutions have to report on transactions of more than 1 million lek (€7,000) while the Property Registration Office reports on contracts worth more than 6 million lek (€42,000).
Albanian law enforcement authorities seized more than €8 million in suspected money laundering transfers and accounts in 2016, a considerable part of which originating from narcotics trafficking and cultivation, according to an annual report by the country’s Financial Intelligence Unit. Another €16 million was seized in real estate assets of suspected criminal origin, says the Agency for the Administration of Seized and Confiscated Assets.
