ONPCSB Inspection: What Authorities Check and How to Prepare for an AML Inspection
An ONPCSB inspection (the Romanian National Office for Prevention and Combating of Money Laundering) is one of the most important checks for reporting entities in Romania. Under Law no. 129/2019, authorities verify how companies comply with AML obligations, implement internal procedures, and manage money laundering risks.
For many companies, an ONPCSB inspection arrives without warning and can lead to significant sanctions if documentation and procedures are not compliant.
What Is an ONPCSB Inspection
An ONPCSB inspection is an official check of how reporting entities apply money laundering prevention legislation. The authority looks for the real existence and application of AML policies, not just their formal presence on paper.
What Inspectors Check During an AML Audit
During an AML inspection, ONPCSB mainly checks: existence of internal AML procedures, company-level risk assessment, designation of the AML responsible person, staff training, transaction monitoring and reporting of suspicions, customer records and KYC, and periodic AML audit.
Documents Frequently Requested During Inspections
Authorities may request: the AML procedures manual, the risk assessment, the customer register and KYC checks, proof of AML training, AML audit reports, and documents related to ONPCSB reporting.
Fines and Risks in Case of Non-Compliance
Sanctions can range from warnings to significant fines for: lack of AML procedures, failing to carry out an AML audit, failing to identify beneficial owners, lack of staff training, and failing to report suspicious transactions.
How to Prepare for an ONPCSB Inspection
To avoid problems during an inspection: carry out a periodic AML audit, update internal procedures, train staff, verify KYC documentation, and keep clear and complete records.
Conclusion
An ONPCSB inspection should not be seen as a mere formality, but as a real check of how the company manages AML risks. Proper preparation, up-to-date documentation, and a periodic AML audit ensure compliance and protect the company from sanctions.
Comments