Moldova Takes Significant Step Towards Implementing Electronic Know Your Customer (eKYC) Technology
A Leap Forward for Financial Sector Transparency
The Republic of Moldova has made a significant stride towards implementing electronic know your customer (eKYC) technology in its financial sector, with stakeholders from the banking industry actively engaged in finalising primary legislation for remote customer identification.
Key Players Lead the Charge
Representatives from the Association of Banks of Moldova (ABM) and the National Bank of Moldova (NBM) have been at the forefront of expediting the completion of the eKYC draft normative act. According to Dorel Noroc, President of ABM, the project is crucial in simplifying interactions between citizens and banking institutions.
How eKYC Will Impact Financial Interactions
The eKYC platform will enable customers to verify their identities digitally, allowing them to initiate collaborations with banks remotely without the need for in-person visits. This will not only save time and resources but also provide secure access to online financial services, enabling individuals to create and manage accounts from anywhere in the world.
Benefits of eKYC Implementation
- Convenience: Customers can verify their identities digitally, eliminating the need for in-person visits.
- Security: eKYC provides a secure way to access online financial services, protecting sensitive data.
- Time-saving: Remote verification saves time and resources, enabling customers to create and manage accounts more efficiently.
Addressing Safety and Security Concerns
The implementation of eKYC technology also raises concerns about safety and security risks associated with transactions and sensitive data. Effective regulation is therefore essential to safeguard customers in the digital era. The adoption of legislation and development of a regulatory framework around remote identification procedures are key to increasing the use of eKYC and protecting consumers.
Project Timeline
- March 2023: Moldova’s e-Governance Agency launched a project to develop a multi-purpose eKYC technological platform.
- July 1st, 2023: Legislative amendments clarifying the application of eKYC in the country’s financial sector came into effect.