Now to exchange currency for any amount will be required to present an identity document. This new regulation was approved in the first reading by the Parliament today. The legislative initiative by MP Radu Marian is aimed at amending the law on combating money laundering and terrorism financing.
According to this initiative, the threshold of 10,000 lei, up to which it was possible to exchange currency without presenting documents, will be removed.
Now, when exchanging currency, you will be asked to present your identity document. These data will be registered at the currency exchange place. This requirement will help financial institutions keep track of customer transactions. This information may be useful when investigating suspicious transactions and will help to detect cases of money laundering or terrorist financing.
The initiator of the initiative emphasizes that presenting a document when exchanging currency is a common practice in many countries and is supported by legislation on combating money laundering and terrorist financing.