In real estate transactions, gambling or cryptocurrency, client knowledge procedures will be applied. Important changes in money laundering procedures
Law no. 86/2025 regarding some changes to the procedure for combating money laundering was published in the Official Gazette. For the reporting entities, but also for some companies in several fields of activity, new procedures appear to be performed. In the case of real estate transactions, for example, real estate agents have the obligation to apply procedures for knowledge of the client for both the promising seller and the promising buyer;
Law no. 86/2025 amends and brings new regulations in the field of procedures for combating money laundering. This is addressed to various fields of activity, and we will make a punctual selection of those provisions that overlap on the financial-accounting and fiscal field.
Some of the new obligations are:
. Reporting entities apply procedures for knowing the clientele and for existing customers according to risk and relevant circumstances on the client;
2. The reporting entities are forbidden to apply simplified clients knowledge measures when there are suspicions of money laundering or terrorist financing;
3. The reporting entities retain the supporting documents for the reconstruction of the transactions when they are complex or unusually large. These documents can be in original or the photocopies admissible in the judicial procedures. These documents must be kept at least 5 years after the cessation of the collaboration relationship with the client or date to which the occasional transaction took place;
4. The reporting entities have the obligation to train their own employees regarding the legislation in the field of money laundering and on the protection of personal data and will present to the authorities evidence in this regard, when required;
5. In the case of real estate transactions, the real estate agent has the obligation to apply procedures for knowledge of the client for both the promising seller and the promising buyer;
6. The casino gambling services family must identify all the transactions carried out by the clients and make the association between the type of transaction and the customer profile generated by the client's knowledge measures;
7. The foreign exchange frames must apply the standard procedures for knowing the clientele for any transaction in which the value in lei is more than 2,000 euros;
8. Fournishers of cryptocurrency services must apply the standard client's knowledge for any transaction that exceeds the equivalent in lei more than 1,000 euros (material made with the support of fiscal consultant Adrian Bența)
