The National Office for Prevention and Control of Money Laundering (ONPCSB) is the designated Financial Information Unit, which has the authority to collect, store, investigate, analyse, and disclose the conducted financial intelligence under the terms and procedures of the Law No. 129/2019 on the prevention and sanctioning of money laundering and terrorism financing (AML law).
Other authorities that monitor for compliance with key obligations under the AML Law include the Romanian National Bank, the Financial Supervisory Authority, and the National Office for Gambling.
The AML Law establishes a series of duties for the obliged entities. These include:
Reporting entities must report suspect transactions to the ONPCSB if they know, suspect or have reasonable grounds to suspect that:
The reporting entities must also submit a report for suspicious transactions to the ONPCSB when the objective factual circumstances related to a business relationship or occasional transactions correspond in whole or in part to the indicators of typologies of suspect transactions publicly presented by the ONPCSB.
The reporting entities shall also consider any business relationship or occasional transaction with a person whose identification data has been communicated by the ONPCSB in a targeted manner as a suspect.
Reporting of non-suspect transactions
The reporting entities shall have the obligation to report to the ONPCSB cash transactions, in RON or in foreign currency, whose minimum limit represents the equivalent in RON of 10,000 euros, including transactions that are linked to each other.
The credit and financial institutions shall submit reports on external transfers to and from accounts, in RON or in foreign currency, the minimum limit of which shall be the equivalent in RON of 10,000 euros, including transactions that are linked to each other.
For the activity of remittance, the reporting entities shall send reports to the ONPCSB on the transfers of funds whose minimum limit represents the equivalent in RON of 2,000 euros.
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.