On 10 June 2020, the Albanian Council of Ministers approved the Decision no. 458, on “Determination of factors and situations to be considered in assessment of risks for money laundering and terrorism financing” (“DCM”).
The Decision was published in the Official Gazette No.112, dated 15 June 2020 and is effective as of 16 June 2020.
This Decision must be applied by all the obliged entities defined by the Law no.9917, dated 19.05.2008 on “Anti-money laundering and terrorism financing” such as banks, non-bank financial institutions, exchange bureaus, insurance companies, real estate brokers, etc. The obliged entities must apply the simplified due diligence considering these indicative factors of low risk as of effective date of the Decision of Council of Minister i.e. 16 June 2020.
The DCM determines the indicative factors and situations representing low risk for money laundering and terrorism financing when the simplified customer due diligence might be applied for.
The DCM is applicable for assessment of risks related to type of customers, geographical area, products, services, special transactions or distribution channels for those cases when the simplified customer due diligence is applicable.
Low risk factors
The indicative factors of low risk, include the following:
Customer related factors:
Risks related to products, transactions, services or distribution channels
Geographical risk factors
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