Amendment of the Romanian anti-money laundering law & envisaged changes regarding know your client measures

The Romanian government issued a Government Emergency Ordinance which entered into force on 15 July 2020 in order to bring Romanian law in line with the provisions of AMLD 5, the most recent version of the EU’s Directive to combat money laundering and terrorist financing.

The government ordinance aims to enhance “know your client” requirements, increase transparency on beneficial owners, introduce stricter controls for transactions with customers in high-risk third countries, and more.

In the legislative review process of the government ordinance, a bill rejecting the ordinance was issued by the Romanian Senate on 11 August 2020. The Romanian Deputy Chamber will now debate the bill.

To learn more, please open the attached file.