MOLDOVA FINANCIAL INSTITUTIONS HONE COMPLIANCE TRAINING SKILLS TO FIGHT MONEY LAUNDERING AND TERRORISM FINANCING
Over 200 professionals from Moldova’s financial sector gathered in Chisinau for the third Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) training, organized by the National Commission for Financial Markets (NCFM) and USAID Moldova Financial Sector Transparency Activity.
Enhancing Capacities to Prevent and Combat Financial Crime
The training series, launched in February 2022, aims to enhance the capacities of professionals working in the financial sector to prevent and combat financial crime effectively. NCFM Chairwoman Cornelia Cozlovschi emphasized that money laundering poses a significant threat to the global economy and national security, underscoring the importance of combating this phenomenon.
Strengthening AML/CFT Compliance Capabilities
Matthew Macellaro, Director of the USAID FSTA Project, highlighted the initiatives his organization is supporting to improve Moldova’s financial sector transparency and efficiency through IT solutions implementation, staff training, and legal framework adjustments. He emphasized that strengthening AML/CFT compliance capabilities is a top priority for the project.
National Authorities’ Concerns
Andrian Munteanu, Deputy Director of the Office for Prevention and Fight against Money Laundering (FIU), stressed the national authorities’ concerns regarding the development of an effective AML/CFT system and adjustment to international standards. He highlighted the importance of:
- Dialogue with reporting entities
- Increasing effectiveness
- Developing institutional capacities
- National and international cooperation
- The national mechanism for supervising reporting entities
Training Agenda
The training agenda featured panel discussions and presentations addressing current topics, including:
- Trends in AML/CFT regulation
- Transaction monitoring
- Red flags
- Best practices
Industry representatives shared their experiences and challenges in implementing AML/CFT requirements, while experts from the USA and Lithuania presented on e-KYC procedures and transaction monitoring.
Conclusion and Award Ceremony
The event concluded with an award ceremony, where participants received certificates for completing the three-training series. The training is a crucial step towards enhancing Moldova’s financial sector resilience and combating money laundering and terrorism financing.