Legal requirements of AML audits in Romania: AML audit legislation and compliance

In the current context of financial regulations and international efforts to combat money laundering and terrorist financing, AML compliance audits represent an essential component for reporting entities in Romania, regardless of their sector of activity. This complex process, which involves a set of clearly defined legal requirements, aims to ensure compliance with the national and European regulatory framework, thereby preventing associated financial and reputational risks. In the following sections, I will outline the main legislative, procedural, and technical aspects governing AML audits in Romania, offering a clear and practical perspective for the entities concerned.

AML audit legislation: the regulatory framework and the obligations of reporting entities

To fully understand the legal requirements of AML audits in Romania, it is first necessary to examine the legislative framework governing this activity, which includes both national laws and European directives transposed into domestic legislation. Among the most important regulations are Law No. 129/2019 on the prevention and combating of money laundering and terrorist financing, as well as Regulation (EU) 2015/847 on information accompanying transfers of funds.

Reporting entities—including financial institutions, real estate companies, gambling operators, and crypto-asset service providers—are required to implement internal policies and procedures to identify, assess, and manage money laundering risks. These obligations include:

• appointing an AML compliance officer to coordinate prevention and control activities;

• conducting thorough checks on clients and beneficial owners, including applying the Know Your Customer (KYC) principle;

• continuous transaction monitoring and reporting suspicious activities to the National Office for the Prevention and Combating of Money Laundering (ONPCSB);

• retaining relevant records and documentation for a minimum period of five years.

  
  

Failure to comply with these requirements may result in administrative and criminal sanctions, highlighting the importance of a rigorous and well-documented AML audit.

AML officer reviewing financial documents

AML audit procedure: essential steps and applied methodology

AML auditing in Romania involves a series of well-defined stages that must be followed rigorously to ensure a complete and objective assessment of an entity’s compliance with legal requirements. First, the auditor must conduct a preliminary analysis of the risks specific to the entity’s activities, taking into account the sector, client typology, and nature of transactions.

This is followed by a detailed review of internal policies and procedures, including how they are implemented in practice. This involves:

• examining documentation related to customer identification and verification of beneficial owners;

• assessing transaction monitoring systems and mechanisms for detecting suspicious activities;

• verifying reporting to the ONPCSB and compliance with statutory deadlines;

• conducting interviews with compliance staff and other departments involved in the AML process.

  
  

Finally, the auditor prepares a detailed report outlining the findings, any non-compliance issues, recommendations for remediation, and an action plan for the continuous improvement of the anti-money laundering prevention system.

AML audit report and compliance checklist

Technical and technological aspects of AML auditing

In the context of rapid technological advancement and the increasing complexity of financial transactions, AML audits must integrate a strong technological component that enables effective risk identification and management. Reporting entities are therefore encouraged to use specialized IT solutions for:

• automating customer and beneficial owner due diligence, including the use of international databases and screening systems;

• real-time transaction monitoring, with automated alerts for transactions exceeding certain thresholds or showing unusual patterns;

• generating reports and statistics to support compliance decisions and facilitate internal and external audits.

  
  

In addition, auditors must be familiar with these technologies and assess the effectiveness and adequacy of the systems used, ensuring they meet legal requirements and genuinely contribute to the prevention of money laundering.

Practical recommendations for improving AML compliance

To successfully meet the legal requirements of AML audits in Romania, reporting entities must adopt a set of concrete, well-structured measures to ensure sustainable compliance and minimize associated risks. These include:

• regularly updating internal policies and procedures in line with legislative changes and financial sector developments;

• continuous staff training to ensure a solid understanding of AML obligations and risk identification techniques;

• implementing an effective internal control system, including periodic audits and independent reviews;

• close cooperation with regulatory authorities and specialized experts to obtain guidance and support in managing compliance;

• using advanced technologies for transaction monitoring and reporting to reduce human error and increase efficiency.

  
  

When applied rigorously, these recommendations help strengthen a transparent and secure business environment where money laundering risks are managed proactively.

Future perspectives and developments in AML auditing in Romania

Given the evolving regulatory landscape, technological advances, and intensified international cooperation in preventing money laundering, AML auditing in Romania will continue to develop, requiring reporting entities to adapt quickly and effectively. In the medium and long term, increased integration of digital solutions based on artificial intelligence and machine learning is expected, enabling deeper and faster analysis of financial data.

At the same time, higher requirements for transparency and accountability are anticipated, including expanded reporting obligations and more frequent supervisory controls by authorities. In this context, collaboration with domain experts and access to specialized resources—such as those offered by the aml audit romania - become essential for maintaining compliance and managing risks effectively.

Therefore, reporting entities should view AML auditing not merely as a legal obligation, but as a strategic tool for protection and sustainable growth, helping strengthen their market position and contribute to the integrity of the national financial system.