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Moldova Seeks to Boost Financial Crime Detection with AI-Powered IT Solution

Introduction

The National Bank of Moldova (NBM) has announced plans to implement a cutting-edge IT solution designed to combat money laundering and terrorist financing in the country. The system will be implemented with support from the USAID Project “Transparency of the Financial Sector in Moldova” (FSTA).

Key Features of the IT Solution

• Utilizes artificial intelligence and machine learning algorithms to detect suspicious financial activities
• Enables NBM employees to monitor all banking operations through a single platform, providing real-time access to data from numerous databases
• Facilitates early identification of money laundering and terrorist financing risks, as well as detection of suspicious changes in the ownership structure of banks

Importance of Strengthening the Financial Sector

According to Octavian Armașu, Governor of the NBM, the implementation of this IT solution is part of a broader effort to strengthen the country’s financial sector and support economic development. He emphasized that “the ability to monitor the banking sector, identify and assess inherent risks, and implement mitigation measures are crucial tasks that require prompt approaches from supervisors.”

USAID Support for Anti-Corruption Initiatives

USAID Mission Director Scott Hocklander stressed the importance of addressing financial crime in Moldova, stating that “a transparent and stable financial system is essential for stimulating economic growth and attracting new investments.” He added that USAID is committed to supporting anti-corruption initiatives aimed at ensuring a stable and reliable financial market.

Implementation Timeline

The IT solution will be implemented over 25 months and will include:

• Thematic training for NBM employees
• Reporting entities support
• Development of a retail platform for citizens to buy and sell state securities directly
• Interconnection with other central depositories in the European Union

Project Director’s Perspective

Matthew Macellaro, Project Director of USAID FSTA, noted that the bank’s openness to adopting best practices has been instrumental in this complex process. “We are happy to work side by side with a team of dedicated professionals who have helped us in sketching the technical requirements,” he said.

Conclusion

The implementation of this IT solution marks a significant step forward for Moldova’s efforts to prevent and combat financial crime, and is expected to contribute to a more stable and transparent financial system.