The Bank of China's Romanian branch has received a written warning from the National Bank of Romania (BNR) for 12 breaches of banking regulations, including several violations related to anti-money laundering and counter-terrorism financing norms.

The findings revealed in an inspection report, highlighted deficiencies in customer due diligence, particularly for online clients, and inadequate implementation of IT systems to support compliance processes. The inspection, conducted by BNR's Supervisory Directorate, resulted in Order No. 35 issued on April 15, 2024, according to Hotnews.ro.

BNR emphasized that such inspections are routine to ensure banks operating in Romania comply with current banking regulations.

The violations included failing to implement risk mitigation measures for remote banking services, inadequate customer authentication measures, and failure to update client information regularly.

Despite the warning, BNR's actions are considered the least severe among potential sanctions.

Bank of China, the fourth-largest bank globally with assets exceeding EUR 2.73 trillion, has been operating in Bucharest since 2019, supporting Chinese investments in the region and facilitating local enterprises in exploring the Chinese market.

andrei@romania-insider.com

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