Awareness-Raising for Beneficial Ownership Reporting Obligations (AL0075)

Brief Description of the Commitment

The Republic of Albania until 2021 did not have a mechanism to identify the real beneficial owners of the entities registered in Albania. Therefore, the MONEYVAL Experts Committee recommended the establishment of a registry to provide the registration of the real beneficial owners. The Beneficial Owners Registry became active on 1st of February 2021. Up to date, 97.4% of the commercial entities and 98.19% of the NGOs have been registered. While the registry has been completed with the beneficial owners’ data of the existing entities, the law foresees the obligation to register the data of any recently registered commercial entity or NGO, as well as the obligation to update any data in the future. The aim is to keep correct and up to date data in the register. In this regard, the National Business Center takes the initiative to raise the awareness among the reporting entities regarding the obligation to register and update their data on the beneficial owner.

Problem Definition

1. What problem does the commitment aim to address? After the activation of the beneficial owners registry in February 2021 and the starting of registrations by the entities, the registration of the data changes remains an engagement of the Albanian state and the raising the awareness of the entities on this obligations remains a very important mechanism to have an up to date registry all the time. Lack of information by the reporting entities on this legal obligation for the registration of data changes in the register, within the deadline and avoiding any penalties, remains an issue that needs to be addressed.

2. What are the causes of the problem? The obligation for the registration of the beneficial owners’ data is a new procedure for all the reporting entities operating in Albania. The population of the Registry with the beneficial owners’ data, during the initial registration phase, was the main challenge, while raising the awareness to the reporting entities that the data should be updated every time there is a change on them, remains a challenge. Lack of knowledge on the legislation and the new concept, make the fulfillment of the obligation for the registration of the beneficial owners’ data, a challenge.

Commitment Description

1. What has been done so far to solve the problem? The National Business Center, as the responsible institution for the administration of the beneficial owners register, has been engaged to continuously orientate and notify the reporting entities through all its means of communication (emails, phone), regarding their obligation to update on time their data on beneficial owners.

2. What solution are you proposing? Development of awareness campaign aiming to present to the reporting entities the obligation to update on time their data on beneficial owners register.

3. What results do we want to achieve by implementing this commitment? Awarded reporting entities regarding their legal obligation for the registration of their data changes, having by default a populated and up to date register.

Milestones | Expected Outputs | Expected Completion Date

1. Information and awareness campaing regarding the legal obligation on data update, through differenc means of communication like the official NBC website, email, government platfor e- Albania etc. | - Pop-up in the NBC webiste and e-Albania - Notification to every reporting entity recently registed in the CR and NGOR - Awaring and demonstration video | S I 2024

2. Consultative meeting with the entities (banks, noteries, lawers) in order that during their activity to notify the reporting entities for their obligation for the registration and update of their data | - Consultative meetings with the obliged entities. | S II 2024

Action Plan Review

Commitment 2. Raising awareness of the reporting entities regarding the beneficial owners’ registration and data update obligation