Mandatory AML Documents for Companies - the ONPCSB Inspection File
Under money laundering prevention legislation, reporting entities in Romania must implement internal procedures and hold a set of mandatory AML documents. Preparing a complete AML file is essential to avoid sanctions.
What Are AML Documents
AML documents are the set of internal procedures, policies, and registers through which a company demonstrates it has implemented money laundering prevention measures.
Mandatory AML Documents for Companies
A complete AML file should include: the internal money laundering prevention procedure, the money laundering risk assessment, the AML officer appointment decision, the suspicious transaction register, KYC procedures, customer identification documentation, and evidence of staff training.
What ONPCSB Checks During an Inspection
Inspectors may check: whether AML procedures exist, whether the risk assessment is up to date, how customers are identified, staff training, and how documentation is kept.
Why an AML Audit Is Useful
A preventive AML audit can help companies identify potential non-compliance and correct documentation before an official inspection, reducing the risk of sanctions.
Conclusion
Implementing and maintaining a complete AML file is an essential requirement for reporting entities in Romania. Correct preparation of documentation can significantly reduce the risk of sanctions during an ONPCSB inspection.
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