Sanctioning decisions and other measures adopted by the ASF Council in October 2025

Bucharest, 6 November 2025 - In October 2025, the Financial Supervisory Authority Council adopted several sanctioning decisions, as well as a series of measures applicable to entities/persons operating in the non-banking financial market for violating certain provisions of the relevant legislation.

CAPITAL MARKET

SAI Muntenia Invest S.A.

Measures ordered following the periodic inspection:

• establishment of an action plan to be implemented by SAI Muntenia Invest S.A.;
• imposing a fine of RON 21,100 on SAI Muntenia Invest S.A.;
• imposing a fine of RON 10,000 on Mr. Nicușor Marian Buică (direct manager responsible for ML-TF and ML-TF compliance officer);
• imposing a fine of RON 16,200 on Mrs. Cristina Gabriela Gagea (direct manager responsible for ML-TF and ML-TF compliance officer).

The main elements identified concerned organizational, procedural, and operational aspects of ML-TF risk assessment and the application of additional customer due diligence measures.

INSURANCE MARKET

Following the periodic inspection carried out at the brokerage company Quartz-Asig Broker de Asigurare S.R.L., the following decisions were issued:

• decision to impose a fine of RON 12,000 for issues related to failure to maintain/update the Register of Secondary Intermediaries, failure to remove certain employees from the RSI within the legal deadline, failure to comply with certain provisions regarding pre-contractual information, based on the sample of insurance contracts analysed, incomplete transmission to ASF of the documents provided for in ASF Rule no. 9/2020, respectively ASF Rule no. 34/2020, failure to record the value of insurance premiums distributed and paid by policyholders directly into the accounts of insurance companies through account 836, incorrect use of certain accounting accounts, failure to comply with certain provisions regarding the management of operational risks generated by IT systems, including the two-factor authentication mechanism at the level of the important IT system, as well as failure to comply with the requirement to use personalized credentials only for authorised/registered personnel, etc.;
• decision to impose a fine of RON 11,600 for failure to review ML/TF procedures, including internal customer due diligence rules, failure to ensure continuous professional training on ML/TF prevention and combating techniques for the designated person and the ML/TF compliance officer within a maximum period of two years, as well as for failing to appoint the person directly responsible for ML/TF;
• decision to sanction with a written warning a person within the company for non-compliance with the requirements regarding the correctness and accuracy of data reported to ASF

PRIVATE PENSION

NN Asigurări de Viață S.A.

• Andreea-Diana Zamfirescu, in her capacity as Voluntary Pension Manager at NN Asigurări de Viață S.A., was fined RON 4,400 for identifying deficiencies in operational processes.
• Establishment of an action plan to be implemented by NN Asigurări de Viață S.A.