Financial Crime World

Moldova Takes Step Forward in Anti-Money Laundering Training for Reporting Entities

The National Bank of Moldova (NBM) has collaborated with USAID’s Financial Sector Transparency Activity (FSTA) to organize a training cycle aimed at preventing and combating money laundering and terrorist financing (AML/CFT) among non-bank payment service providers and electronic money issuers.

Training Objectives

  • To provide a comprehensive overview of the AML/CFT phenomenon, including international standards and recommendations
  • To highlight good practices and latest trends in the field
  • To emphasize internal AML/CFT compliance programs and precautionary measures to ensure regulatory compliance

Training Sessions

The training sessions were held on March 16-17, 2021, and were attended by over 100 participants from non-bank payment service providers and electronic money issuers. The trainers included international expert Milimo Moyo and representatives from NBM’s relevant department.

Key Topics Covered

  • AML/CFT phenomenon: overview, international standards, and recommendations
  • Internal AML/CFT compliance programs: key provisions and precautionary measures
  • Efficient risk identification, analysis, and management
  • Transactional, internal control, and reporting of suspicious transactions processes
  • Customer identification policies in funds transfer contexts

Practical Exercises and Case Studies

Participants engaged in practical exercises, asking questions, and analyzing case studies to share relevant current practices. This interactive approach helped to reinforce the importance of AML/CFT compliance and provided a platform for participants to share their experiences.

Strengthening Capacity to Prevent Financial Crimes

The training is part of FSTA’s efforts to strengthen the capacity of Moldovan authorities to prevent and combat financial crimes. Multiple training sessions will be organized throughout 2021 for banks and other reporting entities’ representatives.

Regulatory Oversight

The NBM oversees compliance with AML regulations through AML/CFT regulations among banks, payment service providers, and foreign exchange offices under current legislation.