TIRANA, Oct  11  /ATA/ The Bank of Albania announced that the tightening of control measures has made banks the most important whistleblowers in the fight against money laundering every year.

The 11 second-level banks in our country are obliged to report to the Directorate for Prevention of Money Laundering every cash inflow over 1 million ALL, be it substantiated by the relevant documentation or not.

Currently, banks do most of the reports that go to the General Directorate for Prevention of Money Laundering.

Bank experts say that banks, for every transaction over 1 million ALL, are obliged to report regardless of whether they are accurate or not. For the amount of 1 million and 500 thousand ALL despite  the statement that they come from safe sources, the bank reports them to the Directorate for Prevention of Money Laundering.

It is this directorate that conducts the verification whether this amount comes from legitimate sources or comes from other activities, according to information they receive from other line institutions.

Any amount that is not consistent with the history of the subjects, as well as unfounded, undocumented, or atypical transactions are subject to indepth analysis by the banks’ specialized departments. /j.p/sm/