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New Registration Rules for Reporting Entities: Effective November 2023

In an effort to streamline its operations, the National Office for Preventing and Combating Money Laundering (ONPCSB) has introduced a fresh set of rules for registering businesses and professionals as reporting entities. These updated regulations, effective from November 7, 2023, replace the previous ones outlined in ONPCSB Order 47/2021.

The reasoning behind these changes is the implementation of a modern IT system aimed at enhancing efficiency in the registration process.

Simplified Registration Process

One of the noteworthy improvements in the updated rules is the simplified process for creating reporting entity accounts via the ONPCSB reporting portal. Unlike the previous procedure, which involved filling out forms and submitting them via email, mail, or courier, the new rules allow for direct account creation through the portal.

The new account creation process involves certain steps, such as introducing the reporting entity details, as long as the ones of the person that makes the registration, or confirming the consent regarding the use of personal data.

Who Must Report

Entities subject to reporting include credit institutions, financial entities, gambling service providers, auditors, accountants, evaluators, tax advisors, notaries, lawyers, executors, company service providers, real estate agents, developers, and professionals involved in trading goods. For the latter group, reporting is required only when cash transactions exceed €10,000 or the equivalent in Romanian currency.

Conclusion

The revised registration rules for reporting entities introduce a more accessible and user-friendly process, aligning with ONPCSB’s commitment to operational efficiency. These changes are part of a broader effort to modernize the organization’s operations, ensuring that it can effectively fulfill its role in preventing and combating money laundering.

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