Romania Enforces Anti-Money Laundering Regulations on Financial and Professional Services
Romania has taken a significant step towards preventing money laundering and terrorist financing by enforcing strict anti-money laundering regulations on financial institutions, professionals, and businesses providing financial services.
Key Requirements
- Reporting entities, including chartered accountants, certified accountants, certified appraisers, tax consultants, and other persons who provide financial or business advice, must submit reports on transactions above the equivalent of EUR 10,000.
- This includes related transactions and those carried out through credit or financial institutions.
- Credit institutions and financial institutions are required to submit reports on external transfers to and from accounts in RON or foreign currency above the equivalent of EUR 10,000.
- Cryptocurrency-related businesses, including providers of virtual currencies and digital wallets, electronic money institutions, and payment institutions, must ensure compliance with anti-money laundering provisions.
Who is Affected
- Financial institutions
- Credit institutions
- Chartered accountants
- Certified accountants
- Certified appraisers
- Tax consultants
- Notaries public
- Lawyers
- Bailiffs
- Other professionals who provide legal services
- Cryptocurrency-related businesses
- Electronic money institutions
- Payment institutions
NFTs and EU-Regulation
The Romanian authorities have issued guidelines on the applicability of anti-money laundering requirements to non-fungible tokens (NFTs), stating that there are currently no legal provisions specifically addressing NFTs and awaiting a general EU-level regulation on the matter.
Compliance Requirements
- Financial institutions and businesses subject to the regulations must adopt adequate anti-money laundering measures, including:
- Customer identification and due diligence procedures
- Adequate compliance programs
- Appointment of officers responsible for communicating with authorities
- Maintenance of records of transactions and client information
- Reporting entities must file reports within three working days of internal or external transactions above the specified thresholds.
Cross-Border Transactions
Cross-border transactions reporting requirements do not apply under Romanian law, as general reporting rules apply. The authorities have also issued guidelines on customer identification and due diligence procedures for financial institutions and businesses subject to the regulations, which include risk-based approaches and special or enhanced due diligence requirements for certain types of customers.
Objectives
The enforcement of these regulations aims to prevent money laundering and terrorist financing activities in Romania and ensure a safe and secure financial environment for both individuals and businesses.