Entry into force the application procedures for registration and publication of data in the Register of Beneficial Owners

With the publication in the Official Journal no. 233, dated 30.12.2020, has been published the Decision of the Council of Ministers no. 1088 dated 24.12.2020 "On determining the manner and procedures of registration and publication of data on beneficiary owners, as well as notification by the competent state authorities and obligated entities".

According to this Decision, the application for initial registration and/or for updating or changing the data for beneficiary owners will be made by the person authorized to represent the reporting entity through the electronic counter of the NBC, after being electronically identified through authentication by the unique service portal government e-Albania. After selecting the type of registration, the computerized system displays the relevant application form, according to the approved format and opens the electronic file, which holds the corresponding number (a number for each file or application) provided by the computerized system.

Through the completion of all data according to the fields of the approved forms, the authorized person declares in accordance with the law for the Register of Beneficiary Owners, to perform the required registration and submits the relevant accompanying documentation. Existing reporting entities must register the data required by this law for their beneficial owners no later than 60 calendar days from the creation of the register of Beneficiary Owners.

Meanwhile, in order to fulfill the legal obligation to identify, report and register the beneficial owner, are provided punitive measures in case of non-fulfillment of this obligation, within the deadline provided by law. Failure to register data on the owner or shareholder of a company or non-profit organization will be punished with a fine in the amount of 500 000 (five hundred thousand) Lekë. Whereas, non-registration of any change in the registered data and accompanying documents is punishable by a fine in the amount of 250 000 (two hundred and fifty thousand) Lekë. Also the legal representative, in case of non-registration is punished with a fine of 150 000 (one hundred and fifty thousand) Lekë.

This decision comes in the framework of the implementation of the obligation for approximation of the Albanian legislation with that of the EU (EU Directive 2015/849 of the Parliament and of the Council) and in order to increase transparency and take measures against money laundering and terrorist financing.