Customer Due Diligence Made Easy, Boa Confirms

TIRANA, January 13

The Bank of Albania (BoA) under the law “On the prevention of money laundering and terrorism financing” informs that the amended regulation 44/2009 by the Supervisory Council entered into force on Wednesday, January 8th.
Based on the new amendments to the regulation, for the implementation of the enhanced due diligence for customers, the subjects shall require the presence of their customers and their representatives before establishing a business relationship.

The previous version of the regulation defined that the implementation of the enhanced due diligence (EDD) could be performed only with the presence of the customer. Meanwhile, the amended version defines that this procedure can be done by an authorized representative.

“In the event, a customer is represented by a third person through a representation certificate(act), subjects shall verify if this person is authorized to represent the customer and to carry out the required operations, require data for the identification of the customer and his representative, and verify these data, as well as maintain in the customer’s file all the documentation submitted from the third person, including the original or a notarized copy of the representation certificate,” the amended regulation defines.

Source: BoA

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