The following reporting entities are subject to Anti-Money Laundering requirements in Romania:

a) Romanian legal entities credit institutions, and branches of foreign legal entities credit institutions;

b) Romanian financial institutions and branches of financial institutions from other Member States;

c) private pension fund managers for their own behalf and for the private pension funds they manage;

d) providers of gambling services;

e) auditors, authorized accountants, censors, assessors, tax, financial, business or accounting advisers;

f) public notaries, lawyers, bailiffs and other persons exercising liberal legal professions when they assist in planning or executing transactions for purchasing or sale of real estate, shares or capital shares or elements of the trading fund, the management of financial instruments, securities or other goods of clients, operations or transactions involving a amount of money or a transfer of the ownership, the establishment or administration of bank accounts, savings or financial instruments, the organization of the process of subscription of the contributions necessary for the establishment, the operation or management of a company constituted according to the provisions of Law no. 31/1990 republished with its subsequent amendments and completions;

g) service providers, as well as service providers for legal entities or legal arrangements, other than those referred to in e) or f);

h) real estate agents and property developers;

i) foundations and associations, federations, including any other legal persons governed by private law without patrimonial purpose;

j) other natural persons, legal entities and legal arrangements trading goods to the extent that they perform cash transactions whose minimum limit is the equivalent in LEI of 10.000 EUR, regardless of whether the transaction is executed through a single operation or through several operations which seems to be connected between them.

We highlight especially the obligation of service providers, real estate agents and property developers, associations, maybe not so familiar with these provisions, to perform all procedures regarding Anti-Money Laundering, as the lack of compliance will lead to significant costs. The upper limit of eventual fines could be increased to 10% of total revenue reported in the last 12 months.

More information can be found at AML Romania

The sanctions and measures can be applied also to the members of the management body and to other persons who are responsible for failure to comply with these provisions.

We look forward to see implemented in our legislation also new AML EU Directives (5th and 6th). Therefore, we expect more strict rules on AML compliance.