Summary
This document is a guide detailing the AML and KYC regulations in Romania, specifically focusing on the requirements for identity verification. It references the Romanian 'Law no. 129/2019 For the Prevention and Combating of Money Laundering and Terrorist Financing', effective from July 21, 2019, which aligns Romania's anti-money laundering framework with international standards set by the Financial Action Task Force. The guide outlines the necessary due diligence and identity verification requirements mandated by Romanian law, including the attributes required for identifying individuals, compliant methods for customer due diligence, and documents needed for verification. It also discusses the timing of verification processes, particularly in high-risk situations, and the obligations regarding politically exposed persons. Additionally, the document emphasizes the importance of record retention for a minimum of five years as part of compliance with AML and KYC obligations. Overall, it serves as a comprehensive reference for organizations to ensure adherence to legal requirements in Romania.
