Order 370/2021 of the President of the N.G.O., for combating money laundering and terrorism financing in the field of gaming
MAL CONSULTING & MANAGEMENT SRL takes over through its manager, Adrian Bucur, an expertise and a vast experience in the field of combating money laundering for over 20 years, by implementing in the financial-banking area the legislative requirements in this field since 2000.
The requirements of order 370/2021 were implemented by MAL CONSULTING & MANAGEMENT SRL at national level, for gambling service providers in Bucharest, Argeș, Timiș and Mureș.
Money laundering has become or should have become, since this year, a topic of discussion for any company manager whose business is to provide gambling services, whether large or small. The reason is the entry into force of Order no. 370/2021 of the President of the National Office for Gambling for the application of instructions on preventing and combating money laundering and terrorist financing in the field of gambling in Romania. The legal requirement in this field of activity were established by Law no. 129/2019 for preventing and combating money laundering and terrorist financing, and by Order no. 370/2021 outlines exactly the obligations incumbent on the organizers of gambling services.
Thus, gambling service organizers need to develop internal anti-money laundering rules and procedures in compliance with certain key elements.
The money laundering prevention procedure sets the framework, principles and rules for protecting the company from possible money laundering and terrorist financing actions through the services provided to its customers. Therefore, it must be personalized to each company.
For customer relations, customer acceptance procedures need to be created as an essential part of prudent money laundering exposure management. They regulate the process of identifying, accepting and monitoring customers. The purpose here is to reduce the reputational risk, improve the quality of the client portfolio and regulate the data management required by the National Office for the Prevention and Combating of Money Laundering (ONPCSB), according to the legal provisions.
Proper knowledge and application of anti-money laundering procedures is a process in which all company staff are involved.
Legislation on preventing and combating money laundering and terrorist financing also has implications for staff, in the sense that a person must be appointed in relation to the NGO and the Money Laundering Office. The rest of the customer relations staff must be regularly trained in preventing and combating money laundering and terrorist financing.
In a very comprehensive way, the requirements for preventing and combating money laundering and terrorist financing can only be properly applied through a correct approach and knowledge of the potential risks of money laundering and therefore a good knowledge of customers. And for these requirements there is an obligation to develop internal rules and working procedures, which have the role of protecting the company from attempts to launder money.
Of course, privacy must be an integral part of your gambling service provider’s policies. The names of the customers and the transactions carried out by them are considered confidential information, and their disclosure to third parties can be made only in certain specific situations, in accordance with the legal provisions in force.
Considering the obligations of the gambling service providers provided in the Order 370/2021 mentioned above, MAL CONSULTING & MANAGEMENT SRL comes to your aid in order to draw up and implement the working norms and working procedures with the specific features of your company.
Contact dates: firstname.lastname@example.org, tel: 0724250668