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LEGAL FRAMEWORK

Self-Declaration of Income

Why do banks require the declaration of income from individuals?

31/08/2021

Why do Banks require the self-declaration of the income?

The requirement regarding the declaration of the source of funds is provided in the legal framework for exercising due diligence and extended law and the instruction of the General Directorate for the Prevention of Money Laundering, specifically based on:

-  Law no. 9917 dated 19.05.2008 on "Prevention of Money Laundering and Terrorist Financing" as amended,
-  Instruction no. 28 "On methods and procedures of reporting and taking preventive measures by the subjects of Law no. 9917 dated 19.05.2008 on the Prevention of Money Laundering and Financing of Terrorism", as amended and
-  Regulation of the Bank of Albania no. 44, dated 10.06.2009 on the Prevention of Money Laundering and Terrorist Financing.

 

The legal provisions do not provide for a threshold for which banks should not seek information about the source of funds. The legislation specifically stipulates that in the context of exercising due diligence or enhanced as well as in the context of monitoring the transaction and / or activity, banks require information about the source of funds in addition to the information and other documentation provided in the legislation.


The measures provided in the legal framework are also provided in the internal regulatory framework of the banks themselves through instructions, regulations, various procedures, etc. Each bank, depending on its policies, the bank's own risk assessment and taking into account the national risk assessment, builds its own procedures and, as far as possible, in setting a threshold for which greater vigilance is required. The declaration of the source of funds is performed for each transaction, not only in the case of deposits but also for other products as in the case of transfers.

* So each transaction is accompanied by a request for the source of funds and then its use and the purpose of the transaction.

 

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