Romanian Brokers To Check Clients With The Aid Of Banks -Draft Regulation

The documents provided by clients of brokerage firms should be checked by a bank or financial institution obliged to observe money laundering prevention rules, according to the draft, which is up for public debate.

Another proposed measure is the operation of the first transaction using an account opened at a lending institution in the client’s name.

For occasional transfers or business relations with politically exposed clients residing in a European Union member state or in the European Economic Area, the stock market regulator asks brokers to get the written approval of the executive management of the regulated entity before establishing a business relation with a client falling under this category. Brokers will also have to check the source of the funds involved and constantly monitor business relations with this category of clients.

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These measures are not included in the current regulation on the prevention and fight against money laundering and the funding of terror acts, which CNVM issued in 2005. The regulation will be repealed when the new one takes effect.

The stock market regulator also plans to loosen reporting conditions on transactions involving cash. The commission is to require reports on transactions exceeding EUR15,000, from the current EUR10,000. the commission also plans to extend the reporting deadline to ten working days, from the current 24 hours.