The National Bank initiated changes to the Regulations on Residents' Accounts Abroad.
According to the draft, it is proposed to abolish the provision in the regulations, which provides that resident individuals can open accounts abroad only for the period of their temporary stay abroad, and upon its expiration, these accounts must be closed and their balances repatriated (today, if you wish to use this account after returning from abroad, an individual must obtain permission from the NBM before returning to Moldova). The National Bank proposes that resident individuals who have opened accounts abroad to receive salaries, pensions, scholarships, allowances and other payments have the right not to close such accounts, but to use them for foreign exchange transactions that do not require authorization from the National Bank, with the possibility do not bring these funds into Moldova. The requirement to obtain authorization to conduct foreign exchange transactions will remain for residents who intend to use previously opened accounts intended for foreign direct investment and real estate transactions. The draft stipulates that the norms enshrined in the regulation will not apply to resident accounts opened with non-resident non-banking payment service providers (the opening of such accounts is permitted by law). It also clarifies certain provisions related to the transfer or import of funds to Moldova after the closure of accounts opened abroad (with or without the permission of the NBM). It is proposed to regulate the procedure for residents to submit documents related to opening accounts abroad, amending the permit, the procedure for reporting to the National Bank: individuals will be able to do this in electronic form or on paper, and legal entities and individuals engaged in certain economic activities - only in electronic form, using a qualified electronic signature. The procedures for obtaining a duplicate of the NBM permit in case of loss or significant damage to the NBM permit issued on paper are regulated. The obligation of a resident who has received the permission of the NBM to open a foreign account within 180 days from the date of issuance of the permission will be excluded; the list of documents that the NBM requests from residents in order to obtain a permit will be optimized, etc. The project is aimed at adjusting the regulatory framework in accordance with previously introduced changes to the legislation. First of all, this concerns the norms on the permission of the National Bank of foreign exchange transactions, which will come into force on July 20, 2023. Consultations on the project are held until March 20: https://bit.ly/3T4JtuN. // 09.03.2023 — InfoMarket.
