Financial Crime World

Title: Cracking Down on Financial Crime: AML Regulations and Compliance in Romania

MemberCheck provides robust solutions to help businesses in Romania comply with the country’s stringent Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations.

1. MemberCheck’s Robust Solutions

MemberCheck, a leading regulatory compliance and risk management services provider, offers a range of solutions to help Romanian businesses screen clients against global Politically Exposed Persons (PEPs) and sanctions data sources. These services include:

  • PEP and Sanction Check: Scan clients against global PEP and sanction data sources.
  • Adverse Media Check: Stay informed of any potential risks associated with clients using reliable global media.
  • ID Verification: Mitigate the risks of non-compliance by verifying the identities of customers.
  • Enhanced Due Diligence: Assess and lower risks of doing business with high-risk clients.
  • Jurisdictional Risk Checks: Ensure compliance and protect your business with expert jurisdictional risk checks.

2. Key AML/CFT Supervisors

The National Office for Prevention and Control of Money Laundering (ONPCSB)

The National Office for Prevention and Control of Money Laundering (ONPCSB) is the designated Financial Information Unit in Romania. It collects, stores, investigates, analyzes, and discloses financial intelligence under the terms and procedures of the Romanian AML laws. Other regulatory bodies monitoring compliance include the Romanian National Bank, the Financial Supervisory Authority, and the National Office for Gambling.

3. Complying with AML/CFT Regulations in Romania

The AML law in Romania imposes several obligations for reporting entities. These duties include:

Customer Due Diligence:

  1. Identify the customer
  2. Verify their identity
  3. Identify the real beneficiary
  4. Take reasonable steps to verify their identity

Risk Management Systems:

  1. Establish procedures based on risk assessment
  2. Determine whether a client or real beneficiary is a PEP

Record Retention: Retain all records obtained during customer due diligence for five years

Designated Personnel: Designate a compliance officer at a management level for credit and financial institutions

Regular Training: Train employees on AML/CFT regulations and risk assessments

Independent Audit Function: Establish an independent audit function for larger businesses to test policies and procedures

4. Reporting Obligations in Romania

Reporting Entities: Reporting entities in Romania must report potential suspicious transactions and PEPs to the ONPCSB. Report various transactions of significant monetary value, such as:

  • Cash transactions of €10,000 or more
  • External transfers and funds transfers of €10,000 or more
  • Transfers of funds of €2,000 or more for remittance activities

Through MemberCheck’s solutions, businesses can effectively manage their AML/CTF compliance and risk management needs in Romania. Contact us today for a demo.