Data on shareholders and beneficial owners will be mandatory for foreign exchange offices (FEOs) to obtain a license from the National Bank.
This is provided for by the draft amendments to the Law on Currency Regulation and a number of acts, which the Parliamentary Commission on National Security, Defense and Public Order considered at Tuesday's meeting and issued a favorable opinion. Thus, when submitting an application for a license to the NBM, it will be necessary to specify, among other data, the name/names of the participants/shareholders, the beneficial owners of the FEOs, their IDNO or IDNP, as well as the size and share of the share capital. Shareholders and beneficial owners will be required to confirm the absence of a criminal record, as well as to declare on their own responsibility that legal entities are not in the process of liquidation or insolvency, and that legal entities and individuals have no legal restrictions on the establishment of commercial companies or on participation in the share capital. The draft proposes to supplement the general provisions on the conditions of activities of foreign exchange institutions. In addition to existing requirements, it is proposed to introduce a requirement for FEOs to be equipped with video surveillance and video recording systems. It is envisaged that FEOs must provide video recording from cameras in real time, at each window in which currency exchange is carried out. Video recordings from cameras must be stored in a secure digital format for at least 15 calendar days and can be requested by the currency control authorities. Warning signs must be posted at each FEO window to indicate that video recording is in progress. During a breakdown or malfunction of the video surveillance system, the FEO will not be able to operate. The bill also provides for an increase in the maximum amount of fines from 25 thousand to 100 thousand lei to be levied by the National Bank from foreign exchange institutions. The draft law is aimed at preventing violations of the rights of FEOs’ clients, increasing the discipline of FEOs’ operators, ensuring security of currency exchange transactions and improving the quality of services in the currency exchange market. // 12.04.2022 - InfoMarket
