Financial Crime World

Title: Romania’s New Anti-Money Laundering Laws: Enhancing Transparency and Compliance

Romania Reinforces AML Regulations

The European Union member state, Romania, has taken steps to strengthen its fight against money laundering and terrorism financing by implementing new anti-money laundering (AML) laws. These regulations aim to enhance the country’s financial system transparency and align with EU standards.

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Key AML Supervision Bodies in Romania

  • National Office for Prevention and Control of Money Laundering (ONPCSB): Acts as the Financial Intelligence Unit for Romania, responsible for collecting, storing, investigating, analyzing, and disclosing financial intelligence under the provisions of Law No. 129/2019.
  • Romanian National Bank: Oversees AML regulations within the banking sector.
  • Financial Supervisory Authority: Regulates non-banking financial institutions, insurance companies, and reinsurance companies.
  • National Office for Gambling: Monitors compliance within Romania’s gambling sector.

Complying with AML Regulations in Romania

Obliged entities must comply with the following duties under the new AML law:

  • Customer Due Diligence: Implement measures for proper identification and ongoing risk assessment of clients.
  • Risk Management: Develop and adhere to effective policies and procedures to manage ML/TF risks.
  • Designated Compliance Officer: Designate a management-level compliance officer responsible for ensuring AML compliance.
  • Records and Transactions: Maintain records and transactions for a minimum of five years.
  • Staff Training: Regularly train staff on AML regulations.
  • Audit Function: Implement an independent audit function if necessary.
  • Suspicious Transactions Reporting: Report suspicious transactions to the ONPCSB.

Reporting Obligations for Romanian Entities

  • Transactions from Criminal Offenses: Report transactions deemed to be derived from criminal offenses or related to terrorist financing to the ONPCSB.
  • Cash Transactions and Transfers: Report cash transactions and transfers exceeding the minimum limit of EUR 10,000.

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Please note that this article is for informational purposes only and should not be your sole source of AML regulations and policy compliance information. Contact your local regulatory authority for the most up-to-date and comprehensive guidelines.

(References: asfromania.ro, dlapiper.com)