Banks clients to be organized and verified according to risk groups

Lenders will determine which clients present a potential risk based on risk indicators such as assets and income volume, type of requested services, economic circumstances, reputation of country of origin, and plausibility of explanations offered by the client. Banks offering private banking services are also required to show increased vigilance in terms of clients.

According to the BNR project, checking a client’s identity is to be done through documents hardest to falsify or to obtain under a false name. Meanwhile, verifying information which can not be proved with identification documents will be carried out through direct observation of the specified address, exchange of correspondence, and accessing the phone number provided by the client.

Banks or other financial institutions must provide BNR with reports on clients and operations, including any analysis made to detect unusual or suspicious transactions.

The project further requires loan institutions to develop and implement hiring standards and training programs involving getting to know clients. Banks and non-banking financial institutions that do not respect these rules risk fines between RON 10,000-50,000 (€2.371-€13,665).