The NBR imposed several sanctions on financial institutions after inspections revealed either “deficiencies in the provision of services and investment activities”, or failure to apply previously prescribed measures, or violations of the anti-money laundering law.

Among the institutions that have been sanctioned are reputable banks such as CEC Bank, UniCredit Bank, BRD-GSG, Garanti Bank, as well as IFIs such as: Terra Credit, BSG Credit.

Among the violations identified by the BNR are:

• the ineffectiveness of the introduced control procedures, which do not ensure the proper application of measures for getting to know the clientele,

• imperfect processes regarding the modification of daily transaction limits for debit cards, i.e. the inability to establish a clear period during which the new limit applies in case of an increase below the threshold of 20,000 RON, and above this threshold the inability to determine the maximum value of the limit.

• non-implementation of the supervision measure provided for in Article 1 letter a) of the Order on Measures of the First Vice-Governor of the National Bank of Romania No. 125/19.09.2022, which consists in the appointment of the person responsible for compliance of CITIBANK EUROPE PLC, DUBLIN – ROMANIA BRANCH, at the level of the branch’s senior management.

• failure to monitor the business relationship on an ongoing basis, including by reviewing transactions completed during the relevant relationship, to ensure that the transactions entered into are consistent with available customer information, activity profile and risk profile, including, where applicable, the source of funds, and that the documents, data or information stored are up-to-date and up-to-date

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