The protection of thecredit institutions against money laundering

• Author: Victor Troaca
• Position: Ph. D reader. 'Titu Maiorescu' University, Bucharest
• Pages: 231-238

231

THE PROTECTION OF THECREDIT INSTITUTIONS

AGAINST MONEY LAUNDERING

Ph. D reader Victor Troaca

„Titu Maiorescu” University, Bucharest

e-mail: victor.troaca@brd.ro

Abstract:

Credit institutions, as well as the other institutions integrated into the

financial system, are subject more and more to some attempts from the simplest to

the most sophisticated, with some most various means and instruments, of their

perspicacity and utilization with a view of money laundering of some assets

obtained from illegal activities, and also the assurance of funds necessary for

terrorism financing, from the part of some groups with abstruse interests. In this

context the financial community has to adopt measures meant to protect it from the

implication in such actions. The more and more emphasized connection of

Romanian financial to those European and international ones, brings upon that the

Romanian credit institution should adopt the necessary measures, according to

those adopted globally, so that to ensure their security and credibility.

Key words: money laundering; clients; clients ‘knowledge; banking

control.

1. Global actual context of fight against the money laundering

The preoccupation of the national and international authorities to the

insurance of the financial stability and the avoidance of involvement of bank

systems in operations of capitals laundering, has stressed out once with the

financial-economical globalization and the intensification of some groups attempts

to carry out criminal and illegal operations, as well as those intention to use the

financial institutions in order to launder the capitals obtained from this kind of

operations.

Thus, to avoid using the bank-financial systems in order to launder the

capitals got by their potential clients out of criminal and illegal operations and to

avoid implicating the banking and financial institutions in such kind of operations,

regulations have been adopted both at international and national level, which allow

the perfecting of a logistic and some adequate mechanisms, regulating meant to

impede the use of the financial institutions in questionable operations of capitals

„whitening”.

There have been created at international, European and national level

competent bodies to deal with the research of the dubious operations, and to