Money Laundering 2020: Questions and answers arising from ONPCSB website

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There have been questions arising from the website of ONPCSB about money laundering in 2020 but the most relevant ones are being discussed in this news article. The questions include the fulfilment of obligations in appointing a person in relation to the office, the reporting entities that have obligations under Law no. 129/2019, reporting obligations of reporting entities according to Law no. 129/2019, whether or not the obligation stipulated in article 23 paragraph (1) of Law no. 129/2019 to designate a person in relation to the office, must be performed by the entities mentioned in art. 5 paragraph (1) of the same Law no. for customers, the last question asked if the obligation to report to the office of transactions in cash in lei or in foreign currency, whose minimum limit represents the equivalent in lei of 10,000 euros, carried out by the clients of the entities mentioned in art. 5 paragraph (1) of Law no. 129/2019 belongs to these entities or customers.

The answers made some revelations among which it was discussed that the appointment of a person in relation to the office has its obligations stated in art. 23 paragraph (1) that such appointment is carried out electronically through access to the institution’s website, a process that terminates at the obtainment of an account in the Electronic System Data Transmission (SETD). Reporting entities that have obligations under Law no. 129/2019 are solely subjected to art. 5 of the same Law, art. 5 enlists such entities as credit institutions, Romanian legal entities and branches of the foreign legal persons, the administrators of private funds, provider of gambling services, real estate agents among other natural persons operating as professionals, goods or service providers who carries out cash transactions whose minimum limit represents the equivalent in lei of 10,000 euros. It was also answered that the obligations stipulated in art. 23 paragraph (1) of Law no. 129/2019 for the appointment of a person in relation to the office must be fulfilled by the entity to which the respective obligations rely on and the obligations to report to the office of transactions with the said amounts belong to the clients themselves. The reporting obligations of the reporting entities according to Law no. 129/2019 include reporting of suspicious transactions, reporting of transactions that do not present suspicion indicators as clearly stated in the art. 6 and 7 of Law no. 129/2019.