Exchange bureaus (zyra te kembimit valutor): licensing, inspections and unlicensed operators
Status: Ongoing supervision; draft rules pending.
Summary
The Bank of Albania licenses exchange offices and supervises them for AML compliance. In the 2019 supervisory review (published by Shqiptarja on 4 Jul 2020), the Bank inspected 97 of 503 offices operating at end-2019, took measures against 31 and revoked 7 licences. Shqiptarja reports the 2019 review also found 5 second-tier banks at high AML risk and 7 at medium risk, with some banks lacking documents on the source of deposits. A later Bank of Albania supervision report and a press article report 604 licensed offices, with 12 fined and one licence revoked in 2024 (date of article not confirmed). A draft revision of the licensing rules would assess owners' integrity and cap cash transactions at 1 million lek per transaction or linked transactions; its status is unknown. Prosecutors in Fier (14 people) and Berat (11 people) acted against unlicensed exchange and money-transfer activity (Balkanweb; dates not confirmed). No Bank of Albania official is linked to any specific laundering case in the sources found.
Key facts
- 2019 review: 97 of 503 offices inspected; 31 measures; 7 licences revoked (Shqiptarja, 4 Jul 2020).
- 2019 review: 5 banks high AML risk, 7 medium (Shqiptarja, 4 Jul 2020).
- Draft rules: cash cap 1 million lek per transaction (Shqiptarja; date unknown).
- Current count: 604 licensed offices (press summary; date unknown).
The record
Four lists kept apart on purpose: what is established, what is only alleged, what is still open, and what those concerned said.
What is proven (1)
Established by documents or official records, as stated in the research. A recorded charge or indictment proves only that the accusation was made.
- The 2019 numbers (inspected, measures, revocations) are as published by the Bank of Albania review, reported by Shqiptarja.
What is alleged (1)
Accusations, not findings. Those accused are presumed innocent.
- AllegationThat cash-heavy exchange offices and unlicensed transfer agents are a main channel for laundering (general claims in the press; not proven for any specific office).
Allegations and who made them (1)
Each line is an allegation as recorded, with the person or body that made it where the record names them.
- AllegationUnlicensed exchange and transfer operators in Fier and Berat were used for cash movement (prosecutors' requests, as reported).
Open questions (3)
- Current inspection coverage (2023-2025) and how many offices were actually sanctioned.
- Whether the 1 million lek cash cap has been adopted.
- Whether any licensed exchange office is linked to a politically exposed person (not checked).
Responses (1)
Responses of the people and organisations concerned, as recorded.
- None from Sejko on exchange-office supervision found in this run.
Timeline
Full timeline →Other
Shqiptarja reports Bank of Albania 2019 supervisory findings: 5 high-risk and 7 medium-risk banks on AML; 97 of 503 exchange offices inspected
Report year 2019. Governor not quoted in the article.
International
IMF mission positively assesses Bank of Albania supervision initiatives; a new FSAP to follow
Search summary of an IMF-related report; the mission report date and text not opened (the a2news page returned 403).
Sources for this record
Every source the research cites for this record, grouped by its source label. 5 sources.
Source label: Officially reportedOfficially reported · 4 sources
- Publisher
- Shqiptarja
- Date
- 4 Jul 2020
- Publisher
- Shqiptarja
- Date
- unknown
- Publisher
- Balkanweb
- Date
- unknown
- Publisher
- Balkanweb
- Date
- unknown
Source label: UnverifiedUnverified · 1 source
- Publisher
- IMF
- Date
- 2025