AML in Romania - Legislation, Obligations and ONPCSB Inspections
AML in Romania refers to the legislative and procedural framework for preventing money laundering and terrorist financing. The main regulation is Law no. 129/2019, which sets out reporting entities' obligations toward ONPCSB.
What AML Means in Romania
AML stands for "Anti-Money Laundering" and refers to the full set of measures designed to prevent the financial system from being used for money laundering. These measures are regulated by Law 129/2019 and rules issued by ONPCSB.
Who Are Reporting Entities
AML legislation in Romania applies to a large number of entities, including: financial institutions, notaries public, lawyers, real estate agencies, and corporate service providers.
What AML Documents Companies Must Have
The most important documents include: internal AML procedures, the money laundering risk assessment, the AML officer appointment decision, and customer identification documentation. See mandatory AML documents for companies.
What ONPCSB Checks During an Inspection
Inspectors may check: whether AML procedures exist, the risk assessment, how customers are identified, staff training, and how documentation is kept. See our article on the ONPCSB inspection.
Conclusion
Correctly implementing AML requirements in Romania is essential for reporting entities. Understanding the legislation and periodically reviewing procedures can significantly reduce the risk of sanctions.
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