Anti-Money Laundering in The Romanian Banking System

Abstract

Because today, the laundering of money from illegal activities is performed mainly through the banking system, governments have developed Anti-Money Laundering (AML) compliance programs. Their implementation proves complicated and expensive, which is why many banks are sanctioned by the authorities with historic fines. In Romania, starting in 2019, the supervision process of financial banking institutions in the area of preventing and combating money laundering and terrorist financing has intensified, with the National Bank of Romania sanctioning some banks for their insufficient involvement and compliance in the direction of combating money laundering.