Fines of up to 10 million euros for money laundering - Draft/ From banks, foreign exchange offices and real estate agencies. who is affected
Financial and non-financial institutions, foreign exchange offices, notaries, real estate brokers and other independent legal professionals when involved in transactions, or entities that carry out gambling activities, which unintentionally or unintentionally allow money laundering, will face fines of up to 10 million euros. The draft law on “Prevention of Money Laundering and Financing of Terrorism” submitted for public consultation, tightens the measures in this regard and expands the range of entities affected.
Specifically, according to Article 63 of the draft law, the competent supervisory authorities impose administrative fines on obligated entities for serious, repeated or systematic violations, committed intentionally or negligently.
In cases where they do not comply with legal obligations regarding the implementation of due diligence measures, entities are fined from 100 thousand lek to 6 million lek.
In cases where they do not comply with legal obligations regarding the implementation of enhanced vigilance measures, entities are fined from 200 thousand lek to 8 million lek.
In cases where they do not comply with the legal obligations regarding the policies, procedures and internal controls of the obliged entities provided for in Chapter II (relating to preventive measures), the entities are fined 200 thousand lekë and the maximum level of the fine that can be imposed on the obliged entity is not less than twice the benefit derived from the violation, when this benefit can be determined, or not less than the lek equivalent of the amount of 1 million euros, according to the official exchange rate on July 9, 2024, whichever is higher.
In cases where they do not comply with the legal reporting obligations provided for in Chapter III (Due Vigilance), entities are fined from 300 thousand lek to 10 million lek. In cases where they do not comply with the legal obligations related to the storage of documentation and data, entities are fined from 200 thousand lek to 8 million lek.
Fines are also foreseen for employees or administrators who commit violations, which reach up to 4 million lek.
While specifically for credit institutions or financial institutions, in the case of a legal person, the maximum fine is applied in an amount not less than the equivalent in lek of 10 million euros according to the official exchange rate on July 9, 2024 or up to 10% of the total annual turnover according to the most recent financial statements approved by the governing body, whichever is higher. In the case of a natural person, the maximum fine is in an amount not less than the equivalent in lek of 5 million euros.
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