Moldova’s AML and KYC Regulations: What You Need to Know
As a business operating in Moldova, it is essential to comply with the country’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Failure to do so can result in severe penalties and damage to your reputation.
Document Verification
Shufti Pro offers a specialized Document Verification service to ensure the authenticity of documents submitted by customers. Our team utilizes advanced checks on security features, including:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
Required Documents for Verification
In Moldova, the following documents are considered proof of identity:
- National Identity Card
- Passport
- Driving License
For address verification, the following documents are accepted:
- Utility bill
- Government-issued document containing End-user’s address and name
- Bank statement (not older than 3 months) containing End-user’s address and name
Timing of Verification
Identity verification is not a one-time process. It is required in multiple instances as per Moldova’s recommendations. The application and timing of when to deploy Identity Verification procedures depend on your requirements and conveyance to Shufti Pro.
Politically Exposed Persons (PEPs) and Enhanced Due Diligence (EDD) Measures
As per Moldova’s enhanced due diligence requirements, you are required to determine if your customer is a:
- Politically Exposed Person
- Holder of a public office
- Exhibitor of a higher risk profile
Shufti Pro provides an AML Screening service that screens an individual’s selected ID attributes against watchlists of global regulatory authorities, foreign and domestic databases, compromised PEPs, and sanctioned individuals.
Reliance on External Services
Moldova’s recommendations allow you to seek the services of a third-party provider to apply measures of due diligence. However, you must:
- Collect all necessary data (Diligence Information) from the third party without undue delay
- Use Shufti Pro as your external third-party service provider
Record Retention
As per Moldova’s regulations, you are required to retain data for not less than five years. This includes AML and KYC obligations for due diligence. If this information is processed, collected, and managed by a relevant third-party, you must:
- Collect all necessary information (Due Diligence Data) from the third party without undue delay
By understanding and complying with Moldova’s AML and KYC regulations, you can ensure a secure and compliant business operation. Shufti Pro is committed to helping you achieve this goal through our specialized services and expertise.