Counteracting money laundering

Publish date: 30-10-2008
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The Romanian Private Pension Supervisory Commission (CSSPP) has launched in public debate the project of the norm related to meaures for preventing and combating money laundering and the financing of terrorism acts in the private pension system.

The normative act establishes the measures for preventing and counteracting money laundering and the financing of terrorism acts in the private pension system applicable to the administrators of voluntary pension funds and/or pension funds private administrated, as also to the private pension brokers.

According to the norm, the Commission supervises the administrators on the 2nd or 3rd Pillar, as also the private pension brokers in order to assure that these respect the legal stipulations, that are in force, related to the identification, examination and recording of the customers and transactions, reporting the suspicious transactions and of the transactions in cash, that they don't take into account the anonymous accounts, that they apply all the measures of being familiar with the customers in case of occasional transactions amounted to at least 15.000 euro, or equivalent.

CSSPP requires also to change the politics and procedures emitted by the administrators/brokers when they notice that it doesn't reflect the stipulations of the current norm, in case of the operations which favor the anonymity or which permit the interaction with the customer in absence and inform the National Office for Preventing and Combating the Money Laundering when, of data obtained, result suspicions of money laundering, financing of the terrorism acts or violating the stipulations of the Law no. 656/2002.

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