Romanian banks to report money transfers from abroad over EUR 1,000

Sorin Melenciuc 16/04/2018 | 12:52

The Romanian banks will be compelled to report all transfers of funds from a foreign country to Romania if the amount exceeds EUR 1,000, according to a law project proposed by the National Office for Prevention and Control of Money Laundering (ONPCSB).

Romania has millions of citizens living abroad, who send billions of euros each year to their families, and the new project could target these remittances.

“For the money remittance activity, the reporting entities transmit to the Office reports on the transfers of funds whose minimum amount is the equivalent in RON of EUR 1,000,” the project says.

For other types of transfers, banks have to report transactions exceeding EUR 10,000, as in the current legislation.

The National Office for Prevention and Control of Money Laundering is the Romanian Financial Intelligence Unit (FIU) of administrative type, with leadership role on drafting, coordination and implementation of the national system of combating money laundering and terrorism financing.



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