Financial Crime World

Here is the article rewritten in Markdown format:

Romanian Authority Urges Businesses to Report Suspicious Transactions

New Regulations Aim to Combat Money Laundering and Terrorist Financing

Bucharest, Romania - In an effort to prevent financial crime, the Romanian authorities have introduced new regulations requiring businesses to report suspicious transactions. These regulations are designed to combat money laundering and terrorist financing by detecting and disrupting illegal activities.

What Do Businesses Need to Report?

  • Financial institutions, securities companies, and other entities that deal with large amounts of money or transfers of ownership must report suspicious transactions to the Financial Intelligence Unit (FIU).
  • Cash transactions exceeding €10,000 must be reported.
  • Online reports concerning external transfers into and from accounts exceeding €15,000 must be submitted.
  • The National Agency of Fiscal Administration will submit reports on information included in declarations made by natural persons on cash in foreign currency and/or national currency which equals or exceeds the threshold established in Regulation (EC) No 1889/2005.

How to Report Suspicious Transactions

Reports must be submitted immediately and within a specified timeframe. The FIU will confirm receipt of the reports by allocating a registration number, including using electronic means, and the transaction shall not be conducted within 24 hours from the registration.

Consequences of Non-Compliance

Failure to comply with these regulations may result in severe penalties, including fines and even criminal charges. The Romanian authorities are urging businesses to take these regulations seriously and report any suspicious transactions to prevent financial crime.

Take Action Now

To prevent money laundering and terrorist financing, it is essential for businesses to establish policies and internal rules to identify suspicious transactions and report them to the FIU. By taking these steps, businesses can help ensure that Romania’s financial system remains secure and compliant with international regulations.