Romania Insider

Bill: Banks in Romania will be obliged to report lower transactions

The minimum amount for which banks need to report a transaction to the authorities will be reduced from EUR 15,000 to EUR 10,000, according to a new law on preventing and combating money laundering and terrorism financing, which the Government plans to adopt, reports local News.ro.

The authorities will also pay increased attention to political party leaders, even if they don’t hold public offices. The people with political exposure will include new categories, such as directors, deputy directors and members of the board of directors within international organizations.

Business relations with people who occupy important public positions at national level will also receive increased attention. Moreover, special registers, which are at the disposal of the authorities, will include the names of the persons who control companies, associations or foundations.

editor@romania-insider.com

Normal
Romania Insider

Bill: Banks in Romania will be obliged to report lower transactions

The minimum amount for which banks need to report a transaction to the authorities will be reduced from EUR 15,000 to EUR 10,000, according to a new law on preventing and combating money laundering and terrorism financing, which the Government plans to adopt, reports local News.ro.

The authorities will also pay increased attention to political party leaders, even if they don’t hold public offices. The people with political exposure will include new categories, such as directors, deputy directors and members of the board of directors within international organizations.

Business relations with people who occupy important public positions at national level will also receive increased attention. Moreover, special registers, which are at the disposal of the authorities, will include the names of the persons who control companies, associations or foundations.

editor@romania-insider.com

Normal
 

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