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Romania Tightens Anti-Money Laundering Regulations: What You Need to Know

In an effort to combat money laundering and terrorist financing, Romania has strengthened its anti-money laundering (AML) regulations. The National Office for Prevention and Control of Money Laundering (ONPCSB), the country’s designated Financial Information Unit, is tasked with collecting, storing, investigating, analyzing, and disclosing financial intelligence.

Key Changes in AML Law No. 129/2019

The AML Law No. 129/2019 establishes several duties for obliged entities, including:

  • Customer Due Diligence: Identify customers and verify their identities
  • Detect and Prevent Suspicious Transactions: Implement measures to detect and prevent suspicious transactions
  • Designate a Compliance Officer: Designate a compliance officer at a management level
  • Establish Internal Policies and Procedures: Establish internal policies and procedures for managing risks related to money laundering and terrorist financing

Reporting Obligations

Reporting entities must report suspect transactions to the ONPCSB if they know, suspect or have reasonable grounds to suspect that the property is derived from criminal offenses or is related to terrorist financing. Additionally, reporting entities must submit reports on suspicious transactions when the objective factual circumstances correspond in whole or in part to indicators of typologies of suspect transactions publicly presented by the ONPCSB.

Reporting Requirements for Credit and Financial Institutions

  • Cash Transactions: Report cash transactions above a certain threshold
  • External Transfers and Remittances: Report external transfers and remittances
  • Record Retention: Retain records for a period of five years from the date of termination of the business relationship or from the date of the occasional transaction

Staying Compliant with AML Regulations

To ensure compliance with these regulations, MemberCheck offers a range of solutions, including:

  • PEP and Sanction Check
  • Adverse Media Check
  • ID Verification
  • Enhanced Due Diligence
  • Jurisdictional Risk Checks

Our sophisticated scan filters and due diligence workflow enable clients to minimize false matches and access customer details quickly and easily.

Stay Up-to-Date with AML Regulations

As the AML landscape continues to evolve, it is essential for businesses operating in Romania to stay up-to-date with the latest regulations and requirements. MemberCheck’s solutions can help organizations navigate the complex world of AML and ensure compliance with the law. Request a demo today to learn more about how we can support your AML program.

Disclaimer

Note: This article provides general information only and should not be relied upon as the sole source of information for AML obligations and programs. Please visit local regulatory authority sites for the latest relevant and full information.