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

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April 16 2018

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.