On July 18, 2019, the Parliament adopted Law 129/2019 on Preventing and Fighting Money Laundering and Financing of Terrorism, by which it transposed into national law the Directives (EU) 2015/849 and (EU) 2011/2.258, thus replacing the previous Law 656/2002.

Because by the new law new obligations were established for the reporting entities, the scope of the law was widened and drastic pecuniary sanctions were established for organizations (companies, etc.) in case of non-compliance with the law, AIM participated in a workshop that debated Law 129/2019, organized on 23.01.2020 by the Chiriță and Associations law firm (member of the National Union of the Romanian Patronage - UNPR, where AIM is vice-president).

Given the fact that the reporting entities had the obligation to comply with the provisions of the law within 180 days from the date of entry into force of the law, respectively until 21.01.2020, within the workshop were discussed the main obligations for the companies concerned for complying with the provisions of the law, respectively:

  • Obligations to identify customers.
  • Obligations to identify the real beneficiary.
  • Obligations to establish the purpose and nature of the business relationship.
  • Obligations for continuous monitoring of the business relationship.
  • Transaction reporting obligations.
  • Obligations for the processing of personal data.
  • The obligation of the companies to submit to the Trade Register a statement regarding the real beneficiary, until 21.07.2020, the non-compliance of which can attract fines from 5.000 to 10.000 lei.

Also, even though at this moment the law enforcement may present difficulties in the absence of the law enforcement norms, following the debate solutions have been identified in the different concrete situations that can be encountered in practice.

In the context in which the new regulations bring changes that directly concern the economic operators, we welcome these types of constructive debates, which help companies to carry out their activity, according to the law.

AIM member companies received a detailed report on the issues discussed and the solutions identified.

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