Combating Terrorist Financing Methods in Moldova: Banking Sector Takes a Stand
The Republic of Moldova’s banking sector has made significant strides in combating terrorist financing methods, adhering to international standards and regulations. In this article, we will explore the measures taken by “Moldova-Agroindbank” S.A. to prevent money laundering and terrorist financing.
Compliance with International Standards
The bank’s anti-money laundering and counter-terrorist financing provisions are guided by The 40 Recommendations of the International Financial Action Group (FATF-GAFI) and the documents of the Wolfsberg group. This ensures that the bank is in compliance with international standards and regulations.
Key Principles of the Bank’s Approach
The bank’s policy outlines the main principles of its approach to combating terrorist financing methods, including:
- Defining and implementing internal procedures for identifying and mitigating money laundering and terrorist financing risks
- Establishing customer acceptance criteria based on “Know Your Customer” principles
- A hierarchical level of customer approval according to risk levels
Prevention of Anonymous or Fictitious Accounts
The bank has implemented strict measures to prevent anonymous or fictitious accounts from being opened, including:
- Prohibition of establishing business relationships with shell banks
- Recognition of the importance of international sanctions issued by the US Treasury Department (OFAC)
- Application of restrictive measures in respect of goods obtained from or generated by sanctioned entities
Compliance with FATCA Requirements
The bank adheres to FATCA requirements, applying enhanced due diligence for customers and transactions in jurisdictions that do not require “Know Your Customer” procedures.
Continuous Training and Compliance
To ensure compliance with regulatory requirements, the bank designates a member of the Management Board responsible for ensuring adherence to anti-money laundering and counter-terrorist financing regulations. All employees undergo continuous training to understand and prevent the phenomenon of “money laundering and terrorist financing”, with internal and external training programs in place.
Conclusion
In light of these efforts, it is clear that the banking sector of Moldova is taking a proactive stance against terrorist financing methods, ensuring a safer financial environment for all stakeholders.