AML AROUND THE WORLD
Figure 1
• persons, other than those mentioned in
the two previous points, providing services for companies or other entities;
• persons with attributions in the privatization process;
• real estate agents;
• associations and foundations;
• other natural or legal persons that trade
goods and/or services, provided that the
operations are based on cash transactions, in RON or foreign currency whose
minimum value represents the equivalent in RON of EUR15000, indifferent
if the transaction is performed through
one or several linked operations.
Due diligence: Standard,
simplified and enhanced
According to the same translated AML
legislation document, standard, simplified and enhanced customer due diligence
should be undertaken in the following
instances (see Figure 1).
Furthermore, according to an article
published by the IBA International AntiMoney Laundering Forum, the National
Bank of Romania has set the obligatory
requirement for credit institutions and
non-banking financial institutions to
revise, amend, adopt and submit new,
internal, customer due diligence rules and
procedures consistent with the regulatory
acts described above to the National Bank
of Romania.
In summary, although Central and
Eastern Europe has benefited greatly
economically from the openness of borders in the region as well as from EU
accession, these new “freedoms” have
also inadvertently assisted in the expansion of organized crime networks and
activities in the region. Due to the limited progress in judicial reform seen in
Romania resulting in a somewhat comfortable state of confusion, Romania and
its EU neighbors, some to a greater and
others to a lesser extent, have provided
an attractive environment for criminal
activity due in particular to the low level
of detection. As such, although great
progress has been seen in the implementation of the third EU directive, key
areas of reform, such as enforcement and
further legal reforms are essential should
effective and long-term results in combating both organized crime and money
laundering be the ultimate aim. A
Jennifer Hanley-Giersch, CAMS, managing
director, Business Risk Research Limited,
Berlin, Germany, [email protected]
www.ACAMS.org
Standard Due Diligence
Apply standard customer due diligence measures in the following situations.
When establishing a business relationship:
• When carrying out occasional transactions amounting to EUR15,000 or more, whether the
transaction is carried out in a single operation or in several operations which appear to be
linked;
• When there are suspicions that the transaction is intended for money laundering or terrorist financing, regardless of the derogation on the obligation to apply standard customer
due diligence measures, provided by the present law, and the amount involved in the
transaction;
• When there are doubts about the veracity or adequacy of previously obtained customer
identification data;
• When purchasing or exchanging casino chips with a minimum value in equivalent RON of
EUR2000.
When the sum is not known in the moment of accepting the transaction, the natural or legal
person obliged to establish the identity of the customer shall proceed t