Working Group for Chapter 24 – Information and awareness-raising on Financial Technology (Fintech) – the innovations and risks it brings in the context of combating money laundering, 30 October 2025

On 30 October 2025, at the Xheko Imperial Hotel, a discussion roundtable was held, organized by the Financial Intelligence Agency (AIF) and the European Movement in Albania (EMA) on Chapter 24 within the framework of the National Convention for European Integration (NCEI). The session focused on informing and raising awareness about FinTech, its innovations, and the risks it poses in the context of combating money laundering, terrorism financing, and the financing of weapons of mass destruction. Participants included representatives from civil society organizations, the private sector, legal professionals, and public institutions.

Mr. Ervin Koçi, Director General of the Financial Intelligence Agency, in his opening remarks emphasized the key role of AIF in addressing threats posed by FinTech. He explained that recent financial technology services have revolutionized the way revenues circulate and are managed. While FinTech offers efficiency and ease, it also brings challenges such as money laundering. As a response, Koçi highlighted that the Financial Intelligence Agency has established a dedicated FinTech sector, where experts analyze and monitor potential risks posed by FinTech, considering rapid technological developments and international case studies. Koçi concluded that this is a concrete step demonstrating the AIF’s vision to implement international and European financial security standards effectively within the European integration process.

Mr. Gledis Gjipali, Executive Director of the European Movement in Albania, stated that digitalization has recently advanced rapidly in finance, making it necessary to share information, models, and experiences in this ever-evolving field. He referred to previous discussions held with the Financial Intelligence Agency within Chapter 24 negotiations on Justice, Freedom, and Security, emphasizing the need for information, awareness, and coordination of practical measures in this area.

Ms. Valentina Semi, Deputy Director of the Department of Payment Systems, Accounting, and Finance at the Bank of Albania, discussed market dynamics in development. She detailed the institutions established since 2011 to address innovations such as online accounts, instant payment systems, and liquidity management systems (LMS), which allow real-time transaction monitoring and risk assessment. Semi also highlighted recent developments like Albania’s participation in SEPA and the challenges and opportunities this presents, stressing the importance of collaboration among national institutions and cross-border projects with regional and EU partners. She underlined that legal and regulatory standards can be challenging for the banking sector, advocating for more inclusion of this sector in policymaking and consultation processes like this roundtable.

Ms. Ada Qazolli, Chair of the Compliance Committee at the Albanian Banking Association, argued that “innovation is not in conflict; it must be compatible”, positioning FinTech as an enabler of faster processes. She emphasized that the primary focus should be compliance with international standards and integrity of the involved institutions, highlighting the need for coordination and cooperation among institutions, as these standards cannot be achieved individually.

Ms. Irida Goxharaj, Executive Manager at the Albanian Association of Foreign Exchange Offices, reinforced the critical role of exchange offices, which operate directly with cash flows and must prioritize digitalization. She supported continued advancement in line with the Albanian Digital Agenda 2022–2026, which mandates full integration of digital governance by 2026, including electronic invoicing compliance (implemented for financial institutions since January 2023) and gradual adoption by all taxpayers by mid-2025. Platforms like e-Albania, offering over 1,200 digital services, reduce paperwork and increase transparency in exchange operations.

Ms. Redina Nasi, Head of the FinTech Sector at the Financial Analysis Directorate of AIF, presented the use of FinTech tools in transaction analysis to prevent money laundering, terrorism financing, and proliferation financing. Nasi explained the legal framework under Law No. 66/2020 on Financial Markets Based on Distributed Ledger Technology, covering licensing, monitoring, and supervision by the Financial Supervisory Authority. She outlined the distinction between centralized traditional finance (e.g., Bank of Albania) and decentralized crypto platforms (e.g., Binance), noting the higher risk, lower oversight, and pseudonymity of the latter, which makes them prone to illegal flows. Nasi highlighted common risks, such as cryptocurrency transactions bypassing banks and enabling anonymous transfers, and listed various fraud tactics: phishing, hacking of platforms, misleading social media communications, and “pump and dump” schemes. She also referenced AIF’s enforcement work, including major seizures related to crypto-linked crime in 2024, and regional data showing increased illegal crypto activity in the Western Balkans. She concluded by emphasizing the importance of preventive measures for virtual asset exchanges in Albania.

Mr. Andrej Leontiev, lawyer and expert on anti-money laundering, co-founder of the law firm TaylorWessing in Bratislava, highlighted how artificial intelligence (AI) is empowering financial fraud. He called for strong regulatory measures and awareness campaigns, particularly for the elderly and startup sectors, recommending application of the “STOP” rule in urgent cases. He noted that FinTech innovations increase speed and accessibility but also heighten fraud risks, mentioning challenges such as fragmented digital identity verification, synthetic identities, deepfakes, and real-time payment systems that hinder detection. He emphasized the need for real-time fraud detection systems powered by AI to mitigate these risks.

The session concluded with an interactive discussion, where participants shared experiences and strategies for public awareness regarding cyber financial crime and its link to money laundering. Closing remarks highlighted the importance of continued cooperation among responsible authorities and the adoption of best practices from other regional and European countries.