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Norms regarding the preventing and combating of money laundering
2006-10-19
Norms regarding the preventing and combating of money laundering
By Decision of the National Office for Preventing and Combating Money Laundering (NOPCML) no. 496/2006 have been approved the "Norms regarding the preventing and combating of money laundering and financing of terrorism acts, standards for the identification of the clients and internal control applicable to the reporting entities that are not subject to the prudential supervision of the authorities". These regulations are applicable to all entities, except from those entities whose activity is being regulated and/or supervised by NOPCML and by the leading structures of the juridical liberal professions.
According to the new regulations, apart from the obligations stipulated under Law no. 656/2002 (the provisions related to the appointment of the entity to be in charge with the application of the law, there are now new obligations to be met in the reports that are required to be made to the NOPCML:
1. Client identification, even if they are or not present when effecting the financial operations, under the following cases:
• when entering into a business relationship or when performing some services;
• when making financial operations in cash, whose minimum limit represents the equivalent in RON of EUR 10.000, even if the transaction/financial operation is effected by means of a single or multiple operations that are or not related one to the other/s; when the amount is unknown when accepting to effect the transaction/financial operation, it must be proceeded with the identification of the clients as soon as there is information about the value of the transaction/financial operation and when it is settled that the minimum limit of EUR 10.000 has been exceeded;
• as soon as there is suspected that by means of a transaction/financial operation is envisaged money laundering or financing of terrorism acts, regardless of the amount that makes the object of the respective operation;
• when there is information or it is suspected that the transaction/financial operation is not being carried out on one's own behalf or interest, all the necessary measures shall be taken so that to obtain data on the identity of the real beneficiary of the transaction;
• in the case of all operations involving persons who are not present or represented physically when these operations are being effected;
• when it is suspected that data obtained out of the client's or the real beneficiary' s identification process are not real.
With a view to establish the identity of the real beneficiary, the following information shall be requested: statement on one's own risk, by means of which the entity states the identity of the real beneficiary, as well as the source of funds (according to the form provided by the norms), the scope and nature of the unfolded financial operations/transactions; the name and place where these activities are being carried out; the name of the employer or the nature of his/her own activity.
There shall be created a database on the clients' identity, that shall be permanently updated.
2. Elaborating a written form program to be used for the clients' identification, to be approved by the management of the company; this program must be known by the entire personnel to be involved and it must be periodically revised with a view to be properly adapted.
3. Establishing a procedure to be used when reporting suspicious transactions; this procedure must be clearly settled in written form and it must be brought to the personnel knowledge.
The latest on October 19th, 2006 all entities are required to adopt and to implement programs to be used for the clients' identification and monitoring, that will be adapted to each client's activity. By this term all entities must ensure the identifying of all their clients and the drafting of their proper registration.
Failure to observe the provisions of the present norms is to be sanctioned according to article 22 of the law (with fines ranging from RON 10.000 to RON 50.000 as well as with complementary penal offense that may cause the closing of the unit).
Please find hereunder reproduced the form and content of the statement mentioned under point 1
STATEMENT
on the identity of the real beneficiary of the transaction
Hereby , I, the undersigned (the client) ..................................................state on my own risk , under the sanctions stipulated by the law the following:
a) that the undersigned is the real beneficiary of the transaction/financial operation;
b) the the real beneficiary/beneficiaries is/are:...................
c) the source of funds is.......................
First name and Name *) Address/ headquarter/ country
...................................................... .............................................................................
..................................................... .............................................................................
..................................................... .............................................................................
I (the client) ........................... undertake to communicate to the regulating entity any amendment brought to the above. Failure to properly communicate the above-mentioned data is to be sanctioned according to provisions under art. 22 of the Penal Code**).
Place and date
..................................................
Client's signature
..........................................
N.B. The regulating entity reserves the right to refuse to effect transactions ordered by clients/to put an end to the relationship with the client when there are made some false statements or if there is suspicion on the correctness of the statements made by the client.
*) It must be filled with the full name of the client/company name, the address/social headquarter.
**) The art. 292 of the Penal Code shall be differently numbered, according to Law 301/2004 with its subsequent completions and amendments.
Observation: the above-mentioned statement form can be drafted under a form to suits your own requirements and can be written in one or more wide range international foreign languages, but it must contain at least the content of the form stipulated under the present norms.
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