Banks and other credit institutions will report all transactions worth more than 10,000 euros equivalent, according to a draft law launched by the National Office for the Prevention and Control of Money Laundering to public debate.
The threshold is to be reduced from 15,000 euros.
Foreign transfers are also targeted as well as „the clarification of some aspects of the transactions made through the credit institution, to avoid double reporting,” according to the explanatory memoranda.
At the same time, companies registered in Romania will have to report who controls them, in fact, and who are the „real beneficiaries” of their activity.
„Legal persons and legal arrangements registered in Romania are obliged to obtain and have adequate, accurate and up-to-date information about their real beneficiary, including the details of the interests that generate benefits„, says the draft.
The registers of the real beneficiaries of the legal entities, namely the persons who control a company or other type of organisation with a legal personality, will be established.
The public consultation on the draft law transposing the European Directive 2015/849 ends on Monday.
At the same time, the members of the political party leadership, as well as the directors, deputy directors and members of the board of directors or members holding equivalent positions within an international organization, have also been included in the category of politically exposed persons.
„In the case of transactions or business relationships with the politically exposed persons, the reporting entities shall apply, besides the standard measures for evaluating the beneficiaries, the following measures:
- A) have adequate risk management systems, including risk-based procedures, to determine whether a client or the real beneficiary of a client is a politically exposed person;
- B) obtain the approval of the senior management for opening or continuing the business relations with such persons;
- C) take appropriate measures to determine the source of the patrimony and the source of the funds involved in business relations or transactions with such persons;
- D) runs a continuous, increased monitorisation of the respective business relations”- according to the draft law.
In their turn, bailiffs have been included, along with the notaries and lawyers, in the category of liberal legal persons required to provide information on money laundering activities and related to financing terrorist acts.
