The obligation to implement the anti-money laundering policy in a company
In contemporary society, the prevention and combating money laundering in Romania have become increasingly important. The legislative framework, specifically the Romanian Law No. 129/2019 on preventing and combating money laundering and terrorist financing, has instituted a series of obligations for companies. The rationale for imposing these obligations is to ensure transparency in business operations and good management of internal controls within a company. The Romanian Law Firm Pavel, Mărgărit, and Associates recommends that companies urgently implement an anti-money laundering policy in Romania to ensure internal control within a company. An anti-money laundering lawyer in Romania can provide specialized assistance in this regard, ensuring compliance with the provisions of the Romanian Law No. 129/2019 on preventing and combating money laundering and terrorist financing.
Anti-money laundering lawyer in Romania. The Concept of “Money Laundering”
Money laundering in Romania is a criminal offense in the Penal Code, practically defined as the process by which the true origin of illicitly obtained assets is concealed. Money laundering in Romania is a method of defrauding the financial system, and the implementation of internal rules is crucial. An anti-money laundering policy in Romania is an important aspect of managing internal control and organizational norms. Companies are advised to adopt a know your client procedure (KYC) in Romania, as this is crucial for creating efficient organization. An anti-money laundering lawyer in Romania can assist you with an anti-money laundering policy in Romania, aiming to avoid collaboration with individuals who engage in this illicit activity.
GDPR lawyer in Romania. Methods for know your client procedure (KYC) in Romania
It is important for companies to adopt a know your client procedure (KYC) in Romania, some of which are established by the Romanian Law No. 129/2019 on preventing and combating money laundering and terrorist financing. These identification measures include: identifying the customer and verifying their identity based on documents, data, or information obtained from reliable and independent sources; identifying the real beneficiary and taking reasonable steps to verify their identity; evaluating the purpose and nature of the business relationship; and continuously monitoring the business relationship, including examining transactions conducted throughout the relationship, among others. A GDPR lawyer in Romania recommends that companies use these methods for client identification, as association with individuals or entities that have adopted criminal behavior can negatively impact the integrity of the company.
Anti-money laundering policy lawyer in Romania. Risk assessment
An anti-money laundering policy in Romania also involves risk assessment, which is crucial for identifying, analyzing, and managing potential threats. According to the provisions of the Romanian Law No. 129/2019 on preventing and combating money laundering and terrorist financing, assessments conducted form the basis of the company’s own risk management policies and procedures, as well as the set of customer identification measures applicable to each client. An anti-money laundering policy lawyer in Romania can provide specialized consultancy in combating money laundering by interpreting legal regulations and recommending strategies for optimizing internal organization.
“We recommend seeking the services of a lawyer specialized in combating money laundering in Romania, as they are an essential partner for companies aiming to adopt good internal management,” stated Coordinating Lawyer, Dr. Radu Pavel, of the Romanian Law Firm Pavel, Mărgărit, and Associates.
The Romanian Law Firm Pavel, Mărgărit, and Associates invite you to confidently contact a GDPR lawyer or an anti-money laundering policy lawyer for assistance in developing or reviewing internal anti-money laundering policies and risk assessment.
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In conclusion, it is essential for any company to implement an anti-money laundering policy in Romania, playing a protective role and monitoring suspicious activities. A lawyer specialized in combating money laundering in Romania can offer consultancy on aspects such as know your client procedure (KYC) in Romania, strategies for implementing good management, and any other aspect regarding internal control within a company.
Pavel, Margarit and Associates Law Firm is one of the top law firms in Romania, providing high-quality legal services. The firm’s clients include multinational and domestic companies of great magnitude. In 2024, the law firm’s success stories brought it international recognition from the most prestigious international guides and publications in the field. As a result, Pavel, Margarit and Associates Law Firm ranked 3rd in Romania in the Legal 500’s ranking of business law firms with the most relevant expertise. The law firm is internationally recognized by the IFLR 1000 Financial and Corporate 2024 guide. Additionally, Pavel, Margarit and Associates Law Firm is the only law firm in Romania recommended by the international director of Global Law Experts in London in the Dispute Resolution practice area. All relevant information about Pavel, Margarit and Associates Law Firm can be found on the website www.avocatpavel.com.