Most of the countries in Eastern Europe are ramping up their developments in the field of KYC automation and banking and Romania is no such exception. It happens to be one of the most valuable countries today who has even gone ahead to introduce legislation to make it mandatory for the banking firms, and the financial institutions to entirely digitize their standard KYC procedures.
Romania joined the European Union in 2007, however, the membership was awarded the long-term commitment that it would establish a very strong legal and regulatory framework to tackle the money laundering menace widely spread throughout the nation.
Having said that, Romania’s anti-money laundering guidelines were lined up with universal models over 10 years back and the nation has always improved its legitimate structure from that point forward by fortifying law implementation and legal strategy.
The New law
The new regulation, which is set to be in effect from January 17, 2020 passed by the country’s top central bank National Bank of Romania is aimed at stepping up the efforts to tackle money laundering which is on the consistent rise in the Eastern European countries. Once the refined data is digitized, it will be easily available with the authorities to segregate them further as per the national data standards and identify the imminent illegitimate future transactions.
Understanding the law & KYC guidelines
It is interesting to note that the regulation implies that the renewed KYC guidelines are applicable to all the banks, legal entities and all the registered Romanian credit institutions including the e-money institutions. Among the new viewpoints presented by Guideline no. 2/2019, there are extra prerequisites concerning the distinguishing proof of the quality of assets used to play out the tasks and to likewise give additional data about a definitive recipient proprietor of the activities completed. The announcing elements are under the commitment to acquire adequate information about their customers and the individual banks in connection to any exchange having a worth higher than EUR 15,000 or that suggests an exchange of assets higher than EUR 1,000.
How Accura Scan can help?
For organizations hoping to step up their compliance of this new development by entering or streamlining activities in Romania, we currently offer ID scanning source to rapidly and effectively make checks for Romanians. Accura Scan is focused on its crucial furnishing the whole worldwide populace with confirmed personalities. Including inclusion in Romania is the following stage in that objective, just as helping customer organizations meet Anti-money Laundering (AML) and Know Your Client (KYC) consistence measures for exchanges including Romanian residents.
Here is what Accura Scan can do for you.
– Full OCR (Optical Character Recognition).
– Intelligent Data Capture solution to read CNP, Name, Address and other data from Romania National ID.
– Check security elements to ensure the card is as per proper format.
– MRZ Data Capture.
– Face Biometrics.
– Liveness Authentication.
– All on Premise solution.
– On-device processing.
– GDPR Compliant.
By following a few simple steps, you can create an effective and efficient, fully KYC compliant onboarding process that works for you. Accura Scan, a pioneer in OCR & AI Based scanning technology is a perfect solution for the business looking to embark on OCR journey. At Accura Technolabs, it is our mission to replace the manual data capture. You can check out more information about us here https://accurascan.com/download