AML Procedure for Real Estate Agencies in Romania
Real estate agencies in Romania are required to implement AML procedures under Law 129/2019. An AML procedure isn't just a formal document - it's a set of concrete rules through which the company identifies risks and prevents suspicious transactions.
What an AML Procedure for Real Estate Agencies Is
An AML procedure includes: customer identification and verification, risk assessment, transaction monitoring, and reporting to ONPCSB. It must be tailored to the specifics of real estate activity.
Essential Steps for the AML Procedure
1. Customer Identification (KYC) - collecting and verifying customer data. 2. AML Risk Assessment - analyzing transaction type, value, and customer profile. 3. Transaction Monitoring - tracking unusual behavior and suspicious transactions. 4. Reporting to ONPCSB - reporting in case of suspicion.
Common Mistakes in AML Procedures
Lack of documented procedures, formal application without real checks, no risk assessment, and untrained staff - these frequently show up during ONPCSB inspections.
Conclusion
Implementing an AML procedure for real estate agencies is essential to comply with legislation and avoid sanctions. Every agency should develop its own procedures, tailored to the specifics of its activity.
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