The National Financial Market Commission (CNPF) approved a new Regulation on measures to prevent and combat money laundering and terrorism financing.
The message of the National Financial Market Commission notes that, the development of the Regulation was conditioned by the necessity of realization of the previously introduced amendments to some normative acts and elimination of the shortcomings identified by the MONEYVAL Committee. The new regulation adopted by CNPF concerns investment companies, registration societies, the Single Central Securities Depository, administrators of optional pension funds, investment management societies, providers of collective financing services - as reporting entities defined by the Law on Prevention and Combating Money Laundering and Terrorism Financing. The novelty of the adopted Regulation lies in the introduction of a set of risk factors and criteria that will be used to identify high-risk transactions by reporting entities. In addition, the regulation includes provisions regarding the risk-based approach in their activities, as well as the classification of customers by associated risks, testing the knowledge of persons charged with responsibility when applying measures to inform customers to ensure that they are sufficiently prepared to fulfill their responsibilities. In particular, the Regulation establishes specific requirements both for the content of own programs to prevent and combat money laundering and terrorist financing in subsidiaries, branches and other units owned by reporting entities, and for technical standards to be applied in business relationships involving foreign jurisdictions, taking into account FATF (Financial Action Task Force) recommendations on internal controls in foreign subsidiaries and units as well as EU practices. At the same time, in order to effectively implement the provisions of the current legislation, special requirements for external audit by reporting entities have been introduced. With the publication of the new Regulation in Monitorul Oficial (the Official Journal of Moldova), the old Regulation on Measures to Prevent and Combat Money Laundering and Terrorist Financing, approved by CNPF Decision No. 38/01.2018, is canceled. At the same time, the reporting entities in the CNPF supervision area will have 4 months from the date of entry into force of the new Regulation to adjust the internal policy documents in the field of prevention and combating money laundering and terrorism financing. Prior to approval, the draft regulation was submitted for approval to state authorities, interested institutions and underwent public discussions. // 26.12.2023 - InfoMarket.
