Prudential Requirements for Combating Money Laundering

Prudential Requirements for Combating Money Laundering

The new law on money laundering induces the need for specialized legal advice. Law no. 129/2019 imposed a series of obligations on the professionals who have acquired the status of reporting entities and, at the same time, considerable financial sanctions in case of non-compliance. Our company offers consulting services to comply with the new prudential requirements of the law on money laundering concerning the applicable measures regarding client knowledge, reporting, keeping primary and operational records, designated person and/or compliance officer, staff access to documents, providing data and information to the competent authorities, internal control, risk assessment and management, compliance management and communication, protection of staff, training and periodic evaluation of employees.

Through the lawyers of our company who have in-depth theoretical and practical knowledge in assisting clients in this field we ensure:

  • conducting the external audit in order to identify and understand the risks of money laundering and terrorism financing depending on the specific economic activity carried out by the client;
  • customized drafting and implementation of norms, policies, procedures and mechanisms for preventing or mitigating the risks of money laundering and terrorism financing;
  • counselling in the stage of monitoring suspicious transactions;
  • counselling in the stage of control and evaluation of the measures taken by the company;
  • assistance in training the company’s own staff;
  • assistance in the case of verification by the authorized bodies of the state;
  • other advisory services in specific situations.

More details about these services can be found at www.legespalare.ro