We bring to your attention that according to Law no. 207/2015 regarding the Fiscal Procedural Code, strict regulations have been introduced regarding the communication between credit institutions and the National Agency for Fiscal Administration (“NAFA”).

Specifically, starting July 1st 2016, credit institutions have the obligation to provide NAFA detailed financial information for any individual, legal entity, as well as other entities without legal personality. More specifically:

  1. credit institutions have the obligation to communicate, on a daily basis, to the central tax authorities, the following information:
    1. the list comprising information regarding individuals, legal entities and other entities without legal personality, who open or close bank accounts, as well as the identification data for the persons having the signature right for the opened bank accounts;
    2. the list comprising information regarding the persons who rent value boxes, as well as regarding the date when the rental agreement ceases;
  2. credit institutions have the obligation, at the request of the central tax authorities, to communicate for each person subject to the request, the information regarding all the flows and/or the balances for the opened bank accounts, as well as information and documents regarding all the operations performed through the respective bank accounts.

Moreover, individuals, legal entities and other entities without legal personality having the obligation to provide information to the National Office For Prevention And Control of Money Laundering according to Law no. 656/2002 on the prevention and sanctioning of money laundering, as well as for setting up of measures for the prevention of terrorism acts financing, republished, as further amended, have also the obligation to provide towards NAFA the same information, and under the same reporting format.