Financial Crime World

Anti-Money Laundering Training Concludes with Over 200 Participants in Moldova

A major anti-money laundering and combating the financing of terrorism (AML/CFT) training event was held in Chisinau, Moldova, gathering over 200 professionals from the insurance/reinsurance and non-banking credit market sectors. The third training in a series organized by the National Commission for Financial Markets and USAID Moldova Financial Sector Transparency Staff brought together industry experts to discuss the latest trends and legislative amendments in AML/CFT.

Importance of Anti-Money Laundering Training

According to Cornelia Cozlovschi, Chairwoman of the NCFM, money laundering poses a significant threat to the international community and combating it is essential for fighting corruption and legalizing illegal income. Matthew Macellaro, Director of the USAID FSTA Project, highlighted the project’s efforts to improve the Moldovan financial sector’s transparency and efficiency through state-of-the-art IT solutions implementation, staff training, and legal framework adjustment.

Training Objectives

The event aimed to strengthen the capacities of professionals working in the field to prevent and combat financial crime effectively. The training included:

  • Panel discussions and presentations on current topics, including:
    • Trends and developments in AML/CFT regulation
    • Transaction monitoring and red flags
    • Challenges faced by industry representatives when implementing AML/CFT requirements
  • New provisions regarding remote customer identification (e-KYC) were also a topic of significant interest

Event Highlights

The training concluded with an award ceremony, during which participants received certificates for completing the three-part series. The event demonstrated the importance of anti-money laundering training in Moldova, as well as the commitment of authorities and financial institutions to combating financial crime and improving transparency in the sector.

Conclusion

The AML/CFT training event in Moldova was a significant step towards strengthening the country’s financial sector’s capacities to prevent and combat financial crime. The event showcased the importance of anti-money laundering training and the commitment of authorities and financial institutions to combating financial crime and improving transparency in the sector.