Currency exchange offices in Moldova may be obliged to videotape the exchange process and the maximum penalty for violation of currency legislation may be increased.
The relevant draft amendments to the Law on the National Bank and the Law on Foreign Exchange Regulation were approved by the government. The document proposes to supplement the general provisions on the conditions of foreign exchange institutions. So, currency exchange offices (CEOs) should not only be equipped with cash monitoring equipment, reference book of foreign currencies, device for banknote authenticity control and forms of the National Bank documents, as it is stipulated today, but also be equipped with video surveillance and videorecording system. It is envisaged that CEOs will provide real-time video recording from the cameras at each window, where the currency exchange is carried out. In this case the cameras should be installed in such a way as to make it possible to see the client-physical person and the cashier's hands. Video camera recordings must be stored in a secure digital format for at least 15 calendar days and can be requested by the currency control authorities. CEOs will be required to install pictograms or warning signs indicating that video recording is in progress. During the period of breakdown or malfunction of the video surveillance system, CEOs will not be able to operate. The bill also provides for an increase from 25 thousand to 100 thousand lei of the maximum amount of fines, which the National Bank may levy from foreign exchange institutions. These changes are aimed at preventing violations of CEOs’ customers’ rights, increasing the discipline of operators in this area, ensuring the safety of currency exchange transactions and improving the quality of services in the currency exchange market. The amendments proposed by the government must be approved by the parliament. // 05.04.2022 - InfoMarket
