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The National Bank will use a software solution to monitor money laundering risks and supervise the transparency of bank shareholders.

The National Bank will use a software solution to monitor money laundering risks and supervise the transparency of bank shareholders.

The new system, which cost $1.8 million to develop, includes a set of advanced features that allow it to track an impressive number of financial transactions (up to 300 thousand per day). At the same time, the software is linked to 37 databases and lists of national and international sanctions, and the operational concept based on risk analysis, pre-established scenarios and artificial intelligence will allow early detection of suspicious activity and issue alerts. The IT solution was developed with the support of the Financial Sector Transparency in Moldova (FSTA) project with financial support from the United States Agency for International Development (USAID). During the presentation ceremony of the technical capabilities of the IT solution held on Thursday, the President of the National Bank, Octavian Armasu, said that it is designed to continue the latest reforms carried out in the banking sector of Moldova and is aimed at supporting the country’s economy and the entire society. At the same time, as Octavian Armasu noted, this IT solution will increase the level of confidence in Moldova at the international level - through a significant improvement in the ability of the National Bank to prevent the risks of money laundering, ensuring a more reliable approach to the supervision of the financial sector and the stability of the financial sector as a whole. “The National Bank is turning to modern technologies to protect the financial system from the illicit flow of funds, as well as to improve the customer experience with the help of technology. Thanks to the IT solution, the National Bank will be more resilient in the face of challenges, such as a large number of transactions and an increased volume of data, a more complex typology of data and tools used, etc.,” said the head of the NBM, expressing gratitude to the United States for assistance in the development of IT solutions. Herewith, the US Ambassador to Moldova Kent D. Logsdon assured that the US will continue to support Moldova and the National Bank, in particular, in strengthening the capacity to prevent money laundering, improving banking supervision and modernizing payment systems. // 05.10.2023 — InfoMarket

News on the subject

The Moldovan parliament has passed in the first reading amendments to the state budget for 2023, which reduce its revenues and expenditures by 497.8 million lei.
The Moldovan parliament has passed in the first reading amendments to the state budget for 2023, which reduce its revenues and expenditures by 497.8 million lei.
Moldova to initiate negotiations with Romania on signing an intergovernmental memorandum of understanding on the interconnection of the two countries' power grids.
Moldova to initiate negotiations with Romania on signing an intergovernmental memorandum of understanding on the interconnection of the two countries' power grids.
The government amended the state budget for 2023, reducing its revenues and expenses by 497.8 million lei and redistributing some components.
The government amended the state budget for 2023, reducing its revenues and expenses by 497.8 million lei and redistributing some components.
Moldova to establish a Cyber Security Agency.
Moldova to establish a Cyber Security Agency.
The total volume of direct investments in Moldova at the end of the first half of 2023 amounted to $5 billion 282.76 million, up by 6.8% (+$336.06 million), compared to the situation at the end of 2022.
The total volume of direct investments in Moldova at the end of the first half of 2023 amounted to $5 billion 282.76 million, up by 6.8% (+$336.06 million), compared to the situation at the end of 2022.
The 22nd National Wine Day will take place in Moldova on October 7-8 under the slogan "Our wine wins over the world" with the participation of a record number of winemakers - about 100.
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