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Moldovan Banks Association (ABM) and Moldova’s banks are ready to cooperate with the NBM in order to efficiently implement the rules of remote identification (eKYC).

Moldovan Banks Association (ABM) and Moldova’s banks are ready to cooperate with the NBM in order to efficiently implement the rules of remote identification (eKYC).

This was stated during the working meeting of ABM with the National Bank of Moldova (NBM), dedicated to consultations on the regulation of remote identification of customers by electronic means (eKYC - Electronic Know Your Customer). ABM is actively involved in finalizing the draft regulatory act on remote identification of customers by electronic means (eKYC). During the working meeting with NBM, the proposals and recommendations of the draft normative act on eKYC were analyzed. ABM President Dorel Noroc emphasized the importance of the project for the simplification and convenience of citizens' interaction with the banking sector. The eKYC tool allows Moldovan citizens to initiate cooperation with a bank without the need to be physically present in bank branches and, consequently, to use banking services (opening bank accounts, making payments, etc.). It is emphasized that ABM and banks are ready to work with NBM to finalize the project and effectively implement the eKYC rules. As previously reported by InfoMarket, the improvement of the regulatory framework regarding remote identification procedures, a procedure also known as eKYC, especially at the level of primary legislation, will contribute to the increased digitalization of this process and, consequently, allow all customer transactions to be carried out online. This advantage will lead to time and resource savings for the customer, facilitating interactions with financial institutions. eKYC, or electronic Know Your Customer, allows for efficient verification of 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 challenges that need to be addressed. This is why it is important that eKYC is effectively regulated to ensure the safe use of financial services and products. // 26.02.2024 - InfoMarket.

News on the subject

The income of Moldovan banks from exchange rate differences in January 2024 amounted to 180.21 million lei, an increase of 49.5 million (+37.9%) compared to the same period in 2023.
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The volume of new loans in Moldova in January 2024 amounted to 3 billion 718.4 million lei, which is 32.1% less than in December 2023.
The volume of new loans in Moldova in January 2024 amounted to 3 billion 718.4 million lei, which is 32.1% less than in December 2023.
Moldovan banks’ net profit of in January 2024 amounted to 335.61 million lei, down by 28.4% (-133.2 million), compared to the same period in 2023.
Moldovan banks’ net profit of in January 2024 amounted to 335.61 million lei, down by 28.4% (-133.2 million), compared to the same period in 2023.
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maib retains 1st place in terms of the volume of loans issued with an indicator of 23 billion 907.1 million lei (37.4% of the total) at the end of December 2023.
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