Bank of Albania Suspects Second-Tier Banks for Money Laundering
Albanian Daily News
Published July 1, 2018
Bank of Albania has warned on Sunday that some second-tier banks in the country have high risk of money laundering.
The conclusion was released by Bank of Albania after an assessment carried out in 60 financial subjects of the country, including 16 banks, 31 financial institutions,and 13 Credit & Savings Societies.
According to the assessment, whose findings have been published in the annual oversight report, it resulted that nearly half of the financial institutions in Albania have high risk of being involved in money laundering.
"Integrated assessment resulted in high risk for 29 entities, of which 4 are banks," the BoA report said.
According to the report, in four banks whose names are not revealed, the risk of money laundering and terrorism financing is high, while the measures taken to prevent money laundering are inadequate.