Transactions over 10,000 euros, tracked online by the authorities

As of January 28, the National Office for the Prevention and Fight against Money Laundering (ONPCSB) will have access to the National Bank’s interbank communications network, enabling the ONPCSB to receive online reports from banks on cash transactions exceeding 10,000 euros, as well as on foreign transfers exceeding 10,000 euros. The ONPCSB notified the Romanian Banking Association about the installation of IT equipment, the necessary software, and the training of the Office’s personnel that will manage the network. The institution has started procedures to establish the connection with the interbank network, which will be followed by a period of tests. Once these tests have been concluded, the banks will be informed about the compliance with reporting obligations. According to the office’s estimates, the banks will not incur any extra costs from moving to the new reporting system, as it will be built around the already existing infrastructure.