Financial Crime World

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Anti-Money Laundering Requirements for Financial Professionals and Businesses in Romania

Recent updates to Romanian law have clarified anti-money laundering requirements for financial professionals and businesses operating in the country. These new regulations apply to a wide range of entities, including:

  • Chartered accountants
  • Certified accountants
  • Tax consultants
  • Notaries public
  • Lawyers
  • Bailiffs
  • Other persons providing financial or business advice

Reporting Obligations

Under the revised laws, reporting entities have an obligation to report transactions in cash, Romanian lei (RON) or foreign currency exceeding the equivalent of EUR 10,000. Additionally, credit institutions and financial institutions are required to submit reports on external transfers to and from accounts in RON or foreign currency exceeding the equivalent of EUR 10,000.

The regulations also apply to cryptocurrency-related businesses, with providers of virtual currencies and digital wallets, electronic money institutions, and payment institutions subject to anti-money laundering requirements. These entities must:

  • Implement customer awareness measures
  • Identify risks associated with their services
  • Monitor and report certain transactions to authorities

Compliance Frameworks

In addition, the laws require electronic money-issuing institutions and payment institutions to impose compliance frameworks on agents and distributors providing services in Romania. They must also ensure that necessary procedures and systems are implemented to comply with anti-money laundering requirements.

Key Takeaways

Here are several key takeaways for financial professionals and businesses operating in Romania:

  • Anti-money laundering requirements apply equally to financial institutions and non-financial businesses.
  • Reporting entities must report transactions exceeding the equivalent of EUR 10,000.
  • Credit institutions and financial institutions must submit reports on external transfers exceeding the equivalent of EUR 10,000.
  • Cryptocurrency-related businesses are subject to anti-money laundering requirements.
  • Electronic money-issuing institutions and payment institutions must impose compliance frameworks on agents and distributors providing services in Romania.

Conclusion

Overall, the revised laws aim to strengthen Romania’s anti-money laundering framework and prevent financial crimes. It is essential for all financial professionals and businesses operating in Romania to understand these new regulations and ensure compliance to avoid any potential legal consequences.