The National Bank of Moldova will amend the Regulation on transactions between the bank and its affiliates
This is envisaged by the draft of the relevant resolution of the National Bank of Moldova submitted for public consultations. The document was developed at the suggestion of the banking community and is aimed at revising some of the provisions in order to eliminate shortcomings in the application and interpretation of the provisions of the aforementioned regulation concerning the relationship of banks with their clients - affiliates. The document prepared by the NBM provides for the revision and addition of the list of exempt transactions that will not be considered transactions with affiliated persons, since by their nature they represent intermediary services provided by banks and / or transactions arising from transactions / contractual obligations with private persons who are affiliated. Thus, in addition to transactions that are not subject to the provisions of the regulation, withdrawals from the account will not be considered transactions with affiliated persons; transfers between accounts opened by an affiliated person with a bank; sale / purchase of currency by bank transfer for transactions with payment cards; collection of payments in favor of suppliers of goods or services to recipients of payments; services provided by banks as insurance agents (bancassurance). It is also proposed that for transactions of affiliated persons that do not form exposures to the bank, in order to determine the threshold provided for by the regulation, the cost of transactions of persons affiliated with the bank is not summed up with transactions of clients associated with a person affiliated with the bank. It is understood that banks will not require clients to provide information related to these transactions when concluding such transactions. In addition, the amendments to the regulations proposed by the National Bank supplement / clarify the norms providing for exemption from preliminary approval of transactions with affiliated persons by the bank's governing bodies. Thus, the Bank's Executive Body or its member can approve transactions with persons affiliated with the bank, other than those that form exposure, if the Bank's Board has approved a framework agreement / general conditions for transactions with affiliated persons, which will include a clear description of the conditions relating to the transactions, which must be performed by the bank. Other changes provide that certain transactions with persons affiliated with the bank, which are carried out on general terms (in accordance with the terms of contracts and tariffs approved by the governing bodies), applicable to other categories of customers, may also be exempted from prior approval. Also, the amendments to the regulation of the decision proposed by the National Bank contain some clarifications to the minimum requirements regarding internal regulation and the practice of risk management related to transactions with persons affiliated with the bank.// 29.07.2021 — InfoMarket
