Any information recorded with the initial registration of the beneficial owner of the reporting entity may be amended or updated upon application by the legal representative, in accordance with the applicable deadlines and legal procedure, as follows:
If the data recorded with the beneficial owner register have been changed, the legal representative of the reporting entity must register these changes within 90 days from the date the actual change occurs.
If a obliged entity, subject to the anti-money laundering and counter-terrorist financing law, finds that the information recorded in the Beneficial Ownership Register does not match the information it holds in fulfillment of its legal duties, regarding the beneficial owner of a reporting entity, must, within 10 calendar days from the date of the finding, notify in writing the reporting entity and the National Business Center.
Upon receiving written notification from the obligated entity, the National Business Center publishes the notice in the registry within two business days and notifies the reporting entity in writing of the obligated entity's determination.
The reporting entity must, within 20 calendar days from the date of notification by the National Business Center:
Application for change/The application for the change/update of beneficial owner data is made by the person authorized to represent the reporting entity through the electronic portal on e-Albania, after having been electronically identified and using a qualified electronic signature certificate, in accordance with the provisions of the applicable legislation on electronic signatures.
After authentication, the person authorized to represent the reporting entity accesses the electronic portal and, for the type of registration to be performed, selects the application for change/update of the beneficial owner. The computerized system displays the relevant application form and opens the electronic file, which contains the corresponding case number. The application form for change/update is available in two versions: for entities registered in the Commercial Register and for entities registered in the Non-Profit Organizations Register.
After selecting the application for initial registration of the beneficial owner, the optional data (NUIS/NIPT; name, legal form; legal representative) of the reporting entity, as registered in the Commercial Register or in the Register of Non-Profit Organizations, will be automatically transferred to the Beneficial Ownership Register.
Furthermore, the person authorized to represent the reporting entity proceeds to electronically complete all mandatory beneficial owner information that they wish to change/updates and proceeds with uploading the necessary supporting documentation that verifies the new information recorded for the beneficial owner. The application form for change/update is equipped with instructions marked with an asterisk (*), which must be followed when completing it.
After the person authorized to represent the reporting entity verifies that the data entered on the form and the accompanying documents uploaded to the electronic file are accurate, they confirm them using electronic means that guarantee the authenticity of origin and the integrity of the documents' content in electronic format, at least by means of an advanced electronic signature of the application form, in accordance with the provisions of the applicable legislation on electronic signatures.
After the electronic confirmation of the application, the computerized system automatically issues a confirmation of its submission through the electronic portal, which includes the number automatically generated by the system (the case number), allowing the applicant to track the status of the registration process at any time.
The computerized system also notifies the person authorized to represent the reporting entity by the email address registered on the e-Albania single government services portal, sending electronic copies of the completed application form and of the application submission confirmation from the electronic portal.
Upon issuing the confirmation of application completion, the computerized system forwards the application and its accompanying documents, in electronic format, to the authorized QKB officers (registrars) for review and decision-making.
Authorized person to represent the reporting entity*, in the electronic application for beneficial owner registration, attaches as supporting documentation in electronic format the following documents:
If the application is submitted with authorization from the legal representative, the authorization document is uploaded.
In the event that, after exhausting all possible means to identify the beneficial owner and if there are no grounds for suspicion, reporting entities fail to identify as beneficial owner the individual who ultimately owns or controls a legal person, whether through direct or indirect ownership of 25% or more of the shares/shares/quotas of capital or ownership interests in a reporting entity as defined by the Law “On the Register of Beneficial Owners,” then the reporting entities must identify and record in the Register of Beneficial Owners as the beneficial owner the individual who:
In this case, reporting entities must maintain documentation that explains and verifies the actions taken to identify the beneficial owner in accordance with the provisions of the Law “On the Register of Beneficial Owners,” specifically also:
In the event that, after exhausting all possible means to identify the beneficial owner and if there are no grounds for suspicion, reporting entities are unable to identify the individual as the beneficial owner as described above, they must then identify and record in the Beneficial Owners Register the individual/y who holds the position of senior manager/managers of the reporting entity. In this case, the entity must retain documentation that explains and verifies the actions taken to identify the beneficial owner in accordance with the provisions of the Law “On the Register of Beneficial Owners,” specifically also:
It must be drafted no later than 90 calendar days from the date of the actual change in beneficial ownership data.
They must not contain any uncorrected corrections or erasures, in accordance with the relevant legal provisions, and their contents must be clearly visible, legible, and allow the creation of an electronic image of the document.
They must be in Albanian. Along with the accompanying document in Albanian, the applicant may also submit a certified translation into a foreign language. Private acts and official documents from foreign jurisdictions must be accompanied by a certified translation into Albanian and legalized in accordance with applicable laws and international agreements ratified by the Republic of Albania.
In the event of a discrepancy between the accompanying document in Albanian and the one in a foreign language, the latter cannot be asserted against third parties. However, third parties may oppose the data contained in the document in the foreign language to the data subject, except when the data subject proves that the third party was aware of the content of the document in the Albanian language.
Applications for changes to beneficial owner data are reviewed by authorized QKB officers for decision-making in the order in which they are submitted, after which, no later than two business days from receipt of the application, they issue a decision by:
The authorized officer (registrar) of the QKB verifies:
The authorized officer (registrar) may not examine the accuracy of the data, the authenticity of the documents accompanying the application for registration, or the conformity of their contents with the requirements of applicable law.
Responsibility for the accuracy and truthfulness of the facts, reported data, and accompanying documents filed in the electronic registry rests with the reporting entities and the persons authorized to make the filing, in accordance with applicable laws.
If the authorized officer (registrar) of the QKB, after the verifications according to the above points, finds that the application complies with the requirements of the Beneficial Ownership Register Law and this decision, approves the application and the completion of the registration, no later than two business days from receipt of the application from the reporting entities.
Otherwise, if the application is not submitted within two days of its review, it will be suspended, accompanied by the relevant reasons, giving the applicant 30 days to remedy any deficiencies.
Upon expiration of the 30-day period, the application is approved if the reporting entity corrects the deficiencies preventing registration within the applicable deadlines; otherwise, it is denied.
Upon refusal of a request, reporting entities have the right to reapply, in accordance with the law and this decision, the submission of which is treated as a new request. The submission of a new application does not relieve the reporting entity of the sanctions provided under the law on the beneficial ownership register for failure to make mandatory registrations within the statutory deadlines.
The QKB's decisions regarding the approval, suspension, or refusal of an application are communicated by publication in the register. The date of notification is the date of publication in the register.
Also, the decision issued on an application is notified in writing to the person authorized to represent the reporting entity, including at the email address provided in the electronic register of the e-Albania single-window government services portal.
If a obliged entity, subject to the anti-money laundering and counter-terrorist financing law, finds that the information recorded in the Beneficial Ownership Register does not match the information it holds in fulfillment of its legal duties, regarding the beneficial owner of a reporting entity, must, within 10 calendar days from the date of the finding, notify in writing the reporting entity and the National Business Center.
Upon receiving written notification from the obligated entity, the National Business Center publishes the notice in the registry within two business days and notifies the reporting entity in writing of the obligated entity's determination.
The reporting entity must, within 20 calendar days from the date of notification by the National Business Center:
to update the register with the data for their beneficial owners, in accordance with this law, if the determination of the obligated entity is accurate, or;
To confirm in the register the previously recorded data for their beneficial owners, if the identification of the obligated entity is not accurate.
In the event of registering their beneficial owners' data, the following steps were taken:
1. After authenticating as per point 4, the person authorized to represent the reporting entity logs into the e-Albania electronic portal and selects the type of registration to be completed. After selecting the type of registration, the computerized system displays the data confirmation form, in the approved format, which bears the corresponding number (one number per file or application), provided by the computerized system (the case number), as well as general information about the reporting entity and the mandatory information for the beneficial owners of the reporting entity.
2. After the person authorized to represent the reporting entity verifies that the data entered on the form is accurate, they confirm it using electronic means that guarantee the authenticity of origin and the integrity of the content of the documents in electronic format, at least by means of an advanced electronic signature of the application form, in accordance with the provisions of the applicable legislation on electronic signatures.
With the electronic confirmation of the application under paragraph (b) of this point, the person authorized to represent the reporting entity automatically confirms in the register the information on their beneficial owners.
The computerized system also notifies the person authorized to represent the reporting entity by the email address registered on the e-Albania single government services portal, sending electronic copies of the completed application form and of the application submission confirmation from the electronic portal.
The procedure for reviewing the application for confirmation and publishing the decision in the Register is carried out as for any other application.
Source: National Center of Businesses.