The NBM will work closely with the financial sector to facilitate the use of new technologies in the provision of financial services.
This was stated by the First Vice-President of the National Bank of Moldova, Vladimir Munteanu, speaking at the event "Exchange of best practices in the field of e-KYC from the region and EU countries", organized by the European Business Association (EBA) for professionals in the financial and banking sector. According to the National Bank, more than 140 people took part in the event. The meeting took place in the context of the promotion of a number of legislative changes in Moldova regarding the facilitation of remote interaction between financial entities and clients using electronic means. “E-KYC, or Know Your Customer Electronic Verification, allows to effectively verify a customer's identity through digital means, making it easier for customers to access financial services. However, as with any new technology, there are potential risks and issues that need to be addressed. That is why it is important that e-KYC is effectively regulated to ensure the safe use of financial services and products,” said Vladimir Munteanu, noting that the challenge is to prevent the use of new technologies in money laundering crimes and terrorist financing. Regulation of knowledge requirements for remote clients was initiated in Moldova with the entry into force of the Law on Prevention and Combating Money Laundering and Financing of Terrorism. The legislative amendment, adopted in the first reading at the end of 2022 in the Parliament of Moldova, provides for the use of new technologies in the process of identifying or verifying the identity of customers. The First Vice-President of the NBM said that the bill introduces significant improvements in the legislation related to the fight against money laundering and eliminates a number of ambiguities. As for the establishment of business relations at a distance, this is not a common practice in the activities of structures supervised by the NBM. “The NBM will develop, within the framework of the public consultation procedure, instructions for the implementation of the procedure for identifying customers by electronic means (e-KYC solution) as part of the process of banks applying precautionary measures in relation to their customers. The National Bank will work closely with the financial sector to ensure a smooth transition from legal requirements to practical implementation,” Vladimir Munteanu said. // 09.02.2023 — InfoMarket.
