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The obligation to report suspicious transactions, cash transactions, foreign transfers, and fund transfers

The National Office for the Prevention and Combating of Money Laundering (ONPCSB) established, through an order published in July 2023 in the Official Gazette, new models of reports for suspicious transactions, cash transactions of at least 10,000 euros, foreign transfers of at least 10,000 euros, and fund transfers for money remittance activities of at least 2,000 euros. Although the measure was initially scheduled to apply from November 7th, the deadline for reporting entities to transmit reports in the new format was subsequently extended until November 22nd, 2023.

In this regard, the old models have been replaced with the new version of these report models used in the field of preventing and combating money laundering. This change occurred as part of the implementation of a new information system at the ONPCSB, which ensures the efficiency of the institution’s activities.

The category of reporting entities primarily includes credit institutions, financial institutions, auditors, certified accountants, authorized evaluators, service providers for companies, tax consultants, notaries, lawyers, real estate agents and developers, as well as other professionals who engage in cash transactions of at least 10,000 euros or the equivalent in lei.

In concrete terms, the entities in question are obligated to transmit the following documents, as applicable:

  • Suspicious transaction reports, for both banking and non-banking reporting entities, in cases where they are aware or suspect that the goods involved in a transaction originate from criminal activities or are related to terrorist financing, or if the information they possess can be used to enforce anti-money laundering and terrorist financing legislation.
  • Cash transaction reports, in lei or foreign currency, with a minimum limit equivalent to 10,000 euros (including transactions linked to each other, for both banking and non-banking entities).
  • Reports on foreign transfers, both in and out of accounts, in lei or foreign currency, with a minimum limit equivalent to 10,000 euros, regardless of whether the transaction occurs as a result of a single operation or through multiple operations related to each other, for credit and financial institutions.
  • Reports on fund transfers for money remittance activities with a minimum limit equivalent to 2,000 euros.

Additionally, it should be noted that the report on suspicious transactions must be submitted immediately to the authorities (before any transaction is carried out for the client in question in case of suspicions). As for the other reports, they must be submitted to the ONPCSB within three working days from the moment the transaction takes place.

For further information or any additional inquiries, please do not hesitate to contact us:

➡ Phone: (+4) 031 426 0745
📧 Email: office@grecupartners.ro

We are here to assist and provide legal support for all your needs. We look forward to discussing with you.

Mihaela Balau – Attorney at Law

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