The Romania authorities are ready to fine more than 100, 000 companies including banks, bookmakers, insurance companies, investment management companies, non-bank financial institutions, intermediaries on the capital market or business who may have not been developed with the new legislation regarding the combat of money laundering as the grace given to them has lapsed since 21 July 2019. A complex process that must start from the comprehension of the legal needs, involving teams from several fields of activity is being involved in the elaboration of procedures by which the concerned companies can avert and fight against money laundering offences. And companies have been advised by Lawyer Victor Stanila to consider increasing compliance cost caused by legal, IT, human resources and time allocation.
The sanction is glaringly overwhelming as it represents 10% of the total income related to the completed fiscal period provided the sanction is addressed to a legal person while individuals who have violated the new regulations on money laundering will cough up about 25,000 lei in fine. In case of a perpetual violation of the regulation by financial institutions that are not under the supervision of the National Bank of Romania, the upper limits of the fines will be increased by 5 million lei.