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News for companies regarding the money laundering and terrorist financing

According to the legislative document, both companies, associations and foundation must submit a notarial declaration that clarifies the real beneficiary, a natural person, who owns and controls the company, at the Trade Register Office, and in the case of associations and foundations at the Ministry of Justice.

The deadline for submitting this notarial declaration is 15 days from the approval of the annual financial statements, and if there is a modification regarding the identification data of the real beneficiary, the declaration must be retransmitted within 15 days from the date on which the modification occurred.

Failure to comply with the obligation to submit the aforementioned statement will be sanctioned with a fine from 5,000 Ron to 10,000 Ron, and if after this fine the declaration is not filed, the Trade Register will proceed to the dissolution of the company in accordance with the legal provisions.

The notarized declaration must be drafted by the legal representative or the president of the association or foundation and shall include the identification of beneficial owners as well and the manner of exercising control over the company/association/foundation.

For the companies performing the following types of activities:

– Provides business consulting and management services;

– Real estate agencies;

– Provides gambling services such as: lotteries, casino games, poker games and bets etc.;

– Trades goods or provides services, insofar as they execute cash transactions with a minimum limit that represents the equivalent in lei of 10,000 EUR / client.

additional obligations are adopted in compliance with the legislation to prevent money laundering and terrorist financing, such as:

In connection with the first of the above mentioned obligations, companies have the obligation to register at the Office for the Prevention and Combating Money Laundering one or more designated persons who are responsible within the company for applying and verifying the obligations in the field of preventing and combating money laundering. This obligation is not exempted for the companies that according to the old law have already made this registration, because it is necessary to go through these procedures again.

The initial deadline for fulfilling this obligation has been extended, but we believe that a possible fine may apply if you are verified.

The compliance of a company with all the obligations established by the new national framework for preventing and combating money laundering and terrorist financing implies, among other things, the adoption of internal procedures that provides the manner of knowing the costumer, identifying and assessing risks from the point of view of money laundering and terrorist financing.

Failure of the companies to comply with the new obligations may be fined up to 10% of total revenue reported. This special sanction can be applied directly to the management body members and other individuals who are responsible for violations.

The Contexpert team can provide you the audit services to comply with this new legislation.