The National Bank of Moldova (NBM) and the International Finance Corporation (IFC) are discussing the introduction of eKYC in the financial sector
According to the NBM, the National Bank, in partnership with the International Finance Corporation (IFC), held an online seminar on the implementation of electronic customer identification (eKYC) in Moldova. The event was attended by about 140 representatives of financial institutions. Particular attention was paid to specialists in compliance, prevention and combating money laundering, digital transformation, and digital customer registration. The purpose of the seminar was to inform and guide the financial sector in the context of the new regulatory requirements established by NBM Regulation No. 281/2024 on customer identification and verification by electronic means. During the event, representatives of the NBM and the IFC emphasized the importance of bringing the national system into line with international standards in the field of anti-money laundering and counter-terrorist financing, advocating a balanced and practical approach to the implementation of remote identification solutions. The main session was devoted to a detailed presentation of regulatory requirements, with a focus on the provisions of NBM Regulation No. 281/2024 and related legislation. The supervisory authority's expectations regarding institutions' internal policies, control mechanisms, and obligations to notify the NBM in advance of information solutions were highlighted. Practical issues faced by financial institutions in developing eKYC policies and procedures, issues related to the content of the NBM notification, and examples of acceptable documents confirming the compliance of technological solutions with international standards were also discussed. IFC international expert Pavel Shust presented a global perspective on eKYC implementation, sharing successful examples from the European Union and other developing economies. He emphasized the need to adapt to the local characteristics and level of digital maturity of each market, as well as to the latest changes in FATF standards for non-physical customer identification, including process management, identity verification, and technical audits. A key point was the importance of continuously monitoring customer relationships in the digital environment to identify risks and detect suspicious behavior. The event concluded with an interactive question and answer session, during which participants received clarification from NBM representatives on the practical application of eKYC requirements, the content of notifications, and the interpretation of the regulations. The NBM reaffirmed its commitment to providing methodological guidance for the proper and effective implementation of eKYC processes. The National Bank of Moldova reaffirms its commitment to supporting the modernization of customer information practices within a secure and effective framework that meets international standards, emphasizing the importance of ongoing dialogue with the financial sector to achieve a high level of compliance and protection of the financial system. // 19.05.2025 — InfoMarket.
