ACAMS Today Magazine (Nov-Dec 2008) Vol. 7 No. 6 | Page 31

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