Overview of Albania’s Economy
Prior to AML Certification in Albania let us first understand the other factors about the country. Now Albania’s economy has seen many changes over the years. Though once regarded as one of the poorest countries in Europe, the country has learned to make optimum use of its natural resources over the years to transform into a developed country. Albania’s economy still relies heavily on the service sector, though it also earns a lot of revenue from agriculture and the industrial sector. Albania’s heavy dependence on the informal sector is what makes tracking funds so time-consuming and difficult.
The service sector comprises both formal and informal jobs, including rural workers, manual labor, manufacturers, and more, many of which do not operate using structured or organized procedures like other industries.
The energy, mining, tourism, and agriculture sectors employ the most people and generate the highest returns in the country. The clothing industry is extremely prevalent here, with clothing items and metals being among Albania’s primary exports.
Financial Crimes in Albania
Before going for information on AML Certification in Albania let us understand that Albania is still a developing country, and most of its economy runs on cash. Many citizens are still employed in the informal sector, which is not yet as financially secure and runs mainly using cash transactions. There are also many organized crime gangs in the country, which bring in proceeds from abroad using their connections with South American and European countries. These funds usually come from illicit activities like smuggling, human trafficking, moving drugs, and similar activities. Due to these activities, Albania is considered to be at high risk when it comes to rampant money laundering activities.
Criminals were also found to be exploiting the country’s real estate sector, pouring illegal funds into expensive properties to cover their tracks and hence increase their returns to conduct more illicit activities in the future.
How big is the AML Challenge in Albania?
Due to large-scale corruption and the economy being heavily dependent on cash transactions and earnings from the informal sector, the challenge of combating Money laundering in Albania is quite tricky. The main difficulties come from dealing with organized crime groups with foreign connections, who indulge in activities like smuggling, drug peddling, and human trafficking.
The government has begun to make efforts to put laws and regulations in place to govern its businesses better and has developed technology to help them digitally store and track transactions to weed out suspicious ones.
What is the status of the FATF Evaluation of Albania?
Though Albania made it off of the Grey List in 2015, it found itself back in hot water in 2020 when the FATF added it back to the Grey List due to a lack of compliance with certain AML and KYC standards. Albania is currently one of only three European countries on the grey list- the other two being Turkey and Malta.
Massive underground corruption is still present in the country, affecting the government from within. This, in turn, has caused officials to turn a blind eye toward money laundering and the operations of organized crime gangs.
The FATF found many such shortcomings in the country’s stance against these financial crimes and added them to the Grey List in February 2020. Albania is yet to make it off of the list.
Has Albania taken any regulatory actions?
As of 2021 onwards, the country has been making significantly better efforts to curb money laundering and close its gaps in legislation and law enforcement.
The Albanian government has also put several regulations in place, including a compulsory digital record of all transactions and registering all bank accounts, beneficial owner or not, to make them easier to supervise. It also developed tools and technology for authorities and data analysis professionals to get real-time access to electronic data that can help them track illicit funds and apprehend money-launderers.
AML Certification in Albania
Professionals in the financial sector may benefit from our AML courses, which will help them sharpen their skills and get an edge over their competitors. Regtech Times has also launched a new certification Program, i.e., Certified Anti-Money Laundering Professional (CAMP), one of the best international certifications in the market today. It will teach the learner how to tackle AML-related problems, the basics of AML, and more.
The Objective of AML Certification in Albania
The objective of AML Certification in Albania is to spread awareness of the AML, compliance, and financial crimes domain. The legislative overview, and global, and European Union framework should be understood by the aspirants.
Eligibility for AML Certification in Albania
Candidates for this course must focus most on preparing for the course exams, as it is where you must prove yourself best. Hard work and extreme focus are vital in order to crack the exam. Clearing the Certified Anti-Money Laundering Professional program exam requires a clear target and a focused mind. To achieve this, aspirants can go through the video learning sessions provided by RT Academy.
Once aspirants feel confident with their preparation, they can register for the CAMP examination. The exam is online, and there are no negative marking criteria. The minimum passing mark for the same is 75%.
Prep Course for the AML Certification in Albania
In addition to the Certified AML Professional program, Regtechtimes Academy also offers the ACAMS Prep Course for the aspirants looking to take up the CAMS certification from ACAMS, USA. This course is a set of 6 simulated exams to help Albanian aspirants pass their CAMS exams successfully. We offer a very cost-effective model for the CAMS Prep course and accept payments in local currency. Hence to conclude on AML Certification in Albania, apart from CAMP one can also aim for CAMS Certifications.
