The European Union's top court has imposed a fine on Romania for delays and the incomplete application of the bloc's rules against money laundering and terrorism financing.
Romania was ordered on July 16 to pay to the European Commission a lump sum of 3 million euros ($3.4 million). Ireland was also fine 2 million euros ($2.4 million).
The decision by the Court of Justice of the European Union came in response to two actions against Romania and Ireland brought before the court by the European Commission -- the EU's executive body -- in August 2018 for failure to fulfill their obligations.
"Both member states failed to transpose in full, within the period prescribed, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing," the court said, referring to the EU anti-money laundering rules that came into force in 2015.
The regulations adopted in 2015 reinforced surveillance requirements for banks, lawyers, and accountants and mandated more transparency on company owners.