Latest figures on the banking sector show a clear trend of the financial market towards Cashless transactions. Especially the
Scandinavian and Central Europe are fastening this process throw digital payments, cards payments, electronic banking, mobile
applications etc. In different summits I, journals and publications it is stated that most Swedish banks don’t have cash any more, be it
riding the public bus or donating money at the church you will have to use the credit card or online banking. Norway is said to be
already leading the global race of going completely pro-electronic banking. Here, you can buy even street food and newspapers via
mobile banking. II What is the effect of this cashless trend on the AML reporting and customer due diligence? Does it have any more
meaning the reporting Bank Branch or the Branch address where the transaction is performed? What will be called as a cash
transaction afterwards.
Published In : IJCSN Journal Volume 6, Issue 1
Date of Publication : February 2017
Pages : 55-57
Figures :01
Tables : 01
Evis DRINI : has graduated the Faculty of Economic Business
Informatics, Tirana University in 2007. She holds a post graduation
master diploma in MBA Entrepreneurship from 2011 and is actually
enrolled in PhD school in the same Faculty. She joined the Faculty of
Economic staff as teaching assistant in 2008-2009 on the
management of information systems subject. Having an experience
of more than 9 years working as SW development, reporting and
analysis in the banking sector, she currently holds the title of
Assistant Manager (from dec-2015) on IT-department at National
Commercial Bank of Albania. She is the author of 6 journal articles
and conference papers in the field of information systems
management, Anti Money Laundering and business informatics
related fields. Her main duty focuses on managing the Core Banking
system Department focusing on analysis and development of banking
software application and core customizations and business analyzing
and reporting issues.
Dr. Rovena BAHITI : has graduated the Faculty of
Economic, Tirana University in 1998. She holds a PhD diploma in
Economics from 2006 and she had gone through all didactic
positions since 1999 when she joined the staff of the Faculty of
Economic, teaching assistant in 1999, senior lecturer in 2006 and
assistant professor in 2011. For several years she was full Professor
of Business Informatics within the Department of Statistics and
Applied Informatics at Faculty of Economic, Tirana University. Now
she is the Director of National Computer Security Agency (ALCIRT).
She is the author of more than 30 journal articles and conference
papers in the field of management information system and other
economic and informatics related fields. Her work focuses on the
management of IT project and information systems.
AML, Customer Identification, Customer Due Diligence, Cash, Cashless
In a cashless transaction world the risk is shifted from
financial institutions towards the customers, which should
be more aware of the threats and security issues where
financial losses increase. The facility of offering selfservice
cashless transactions is accompanied with
additional cost of customer identification process and
location data.
[I] Global Back Office and Operational Efficiency
Summit, held on 17th-18th November 2016 in
Frankfurt, Germany
[II] http://indiatoday.intoday.in/story/cashless-countriesbelgium-
denmark-uk-france-kenya-blackmoney/
1/812384.html [III] http://www.worldatlas.com/articles/which-are-theworld-
s-most-cashless-countries.html
[IV] Commission Of The European Communities. Brussels,
30.6.2009. Commission Staff Working Paper -
Compliance with the anti-money laundering directive
by cross-border banking groups at group level
[Electronic version] Retrieved March 17, 2013 on the
website
http://ec.europa.eu/internal_market/company/docs/fina
ncial-crime/compli_cbb_en.pdf
