Since May 1, Moldova will simplify the rules for conducting foreign currency transactions.
The Monitorul oficial has published a new Regulation on the conditions and procedures for the implementation of foreign currency operations, approved by the National Bank's Executive Committee on February 13. It will come into force in 2 months - from May 1. The document establishes general rules regarding the implementation of foreign currency transactions through suppliers (or by suppliers) of resident payment services (RPS providers) through licensed banks and payment companies, electronic money issuing companies and postal service providers. The regulation includes rules for the receipt / execution by residents and non-residents through the RPS providers of payments / transfers in the framework of foreign currency transactions; rules for the receipt / execution of payments / transfers in the currency transactions of RPS providers; features relating to payments / transfers in foreign currency transactions subject to notification / authorization; the procedure for the implementation of foreign currency transactions in Moldova; features relating to documents that are submitted by residents and non-residents to RPS providers in the case of payments and transfers in foreign currency transactions; conditions regarding operations with cash foreign currency and traveler's checks in foreign currency within the framework of foreign currency operations of certain legal entities. As explained in the press release of the National Bank, the new regulation simplifies the rules for obtaining / implementing foreign currency transactions, taking into account the development of the payment services sector and technologies in this area, which enable RPS providers to use various electronic, digital and IT solutions and serve customers remotely. So, individuals and legal entities will be able to make certain non-cash transfers in the amount of up to 10 thousand euro without submission of justifying documents. Also, without presentation of justifying documents, individuals can perform operations with cash within 10 thousand euros and a legal entity - up to 5 thousand euros. The RPS providers will need to have information about the purpose of payment, the recipient and the amount of the payment / transfer and check whether the funds are issued in accordance with Article 26 of the Currency Regulation Act. The RPS providers will not ask for an identity card, if this is not provided for in the regulation, but they will have the right to independently determine, on the basis of internal rules, the way documents are submitted for making payments / transfers. At the same time, RPS providers will be required to develop internal rules that establish measures / timelines / procedures / verification methods for compliance with the requirements of currency legislation. The National Bank notes that simplifying the rules for making payments / transfers within the framework of currency transactions does not release non-residents and residents, including RPS providers, from compliance with Moldova's legislation in the field of preventing and combating money laundering and the financing of terrorism. // 03.03.2018 - InfoMarket.