Important changes to Law no. 129/2019 on the prevention and combating of money laundering and terrorist financing

On 13 March 2025, Government Emergency Ordinance no. 10/2025 amending and supplementing Law no. 129/2019 on the prevention and combating of money laundering and terrorist financing entered into force, in doing so extending reporting obligations and introducing new rules for crypto-currencies.

Main changes:

• The term “virtual currency” is replaced by “crypto-asset”, as defined by (EU) Regulation 1114/2023 on crypto-asset markets and amending Regulations (EU) 1093/2010 and (EU) 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (“Crypto-asset Market Regulation”), according to which crypto-assets are digital representations of a value or right that can be transferred and stored electronically using a distributed ledger or similar technology.
• The provisions of Law no. 129/2019 on the prevention and combating of money laundering do not apply to those crypto-assets also excluded from application of the Regulation on crypto-asset markets (the exclusions pertain to certain characteristics of the crypto-asset provider – i.e. the ECB, liquidators and receivers, international public organisations, etc.; the qualification of the respective crypto-assets as financial instruments, deposits, funding, securitisation positions, general or life insurance products, etc.; and the unique and non-fungible nature of crypto-assets).
• The term “digital wallet provider” is replaced by “crypto-asset service provider”, which is defined in the Crypto-asset Market Regulation as any person who provides or is authorised to provide crypto-asset services on a professional basis.
• Providers of crypto-asset services are expressly included in the category of financial institutions in terms of obligations relating to the prevention and combating of money laundering, while those that are also credit institutions or electronic money institutions fall under the supervision and control of the National Bank of Romania.
• The notion of an “untrusted address” has been introduced, meaning a distributed registry address that is not linked either to a crypto-asset service provider or to a non-EU entity offering similar services to crypto-assets (crypto-asset private wallets).
• Additional know-your-customer rules have been introduced for cross-border relationships involving the performance of crypto-asset services with a respondent entity which is not established in the European Union and which provides similar services.
• The minimum amount in a transfer of funds that triggers certain obligations from the perspective of the legislation on the prevention and combating of money laundering and terrorist financing has been amended, bringing it into line with Regulation (EU) 1113/2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (minimum 1,000 EUR). For crypto-asset service providers, the risk assessment rules have been extended such that they now:
• have an obligation to identify and assess the money laundering and terrorist financing risk associated with transfers of crypto-assets to or from an undisclosed address;
• are required to establish internal policies and procedures to manage the risk of money laundering and terrorist financing as well as internal control mechanisms;
• must apply mitigation and management measures proportionate to the risks identified.
• Providers of crypto-assurance services authorised in other Member States operating on Romanian territory on the basis of the right of establishment in a form other than through a branch office and whose registered offices are located in another Member State are obliged to establish single points of contact in Romania and to communicate the contact details thereof to the National Bank of Romania, the Financial Supervisory Authority or the Office for the Prevention of Money Laundering, as applicable, within five days of the date of commencement of activity.

Source: Emergency Ordinance no. 10/2025 on amending and supplementing Law no. 129/2019 on the prevention and combating of money laundering and terrorist financing and amending and supplementing various normative acts