AML Audit for Real Estate Agencies in Romania - Obligations and ONPCSB Inspection
An AML audit for real estate agencies has become an essential requirement for reporting entities under Law 129/2019. Real estate transactions frequently involve large sums of money, making this sector exposed to money laundering risk.
Why Real Estate Agencies Are Reporting Entities
Real estate agencies must apply customer due diligence (KYC) measures, including: identifying and verifying customers, assessing money laundering risk, monitoring transactions, and reporting suspicious transactions.
What ONPCSB Checks at a Real Estate Agency
Inspectors may request: internal AML procedures, the risk assessment, the suspicious transaction register, customer identification documents, and proof of staff training.
Is an AML Audit Needed for Real Estate Agencies
An AML audit can reveal missing AML documentation, incomplete procedures, unidentified risks, and non-compliance in applying KYC measures - before an ONPCSB inspection.
What Sanctions Can Result from Non-Compliance
Failing to meet AML obligations can lead to administrative fines, corrective measures, and reputational damage.
Conclusion
For real estate agencies in Romania, AML compliance is essential. Implementing correct procedures and periodically reviewing them through an AML audit helps reduce the risk of sanctions.
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