Financial Crime World

Moldova’s National Bank Gets Advanced AML Software to Combat Money Laundering

The National Bank of Moldova (NBM) has taken a significant step in its fight against money laundering with the implementation of cutting-edge anti-money laundering (AML) software, made possible through a $1.8 million project supported by the USAID Moldova Financial Sector Transparency Activity.

Advanced AML Solution

This state-of-the-art solution is a first for both the central bank and the region, enabling the monitoring of up to 300,000 financial operations daily. The system is connected to 37 national and international databases and sanctions lists, allowing for real-time risk analysis and early detection of suspicious activity.

Key Features

  • Advanced features include artificial intelligence and predetermined scenarios
  • Enables real-time risk analysis and early detection of suspicious activity
  • Modular design allows for the development of new features and modules as needed

Impact on Financial Sector Supervision

The software’s advanced features will enable the NBM to issue alerts to relevant institutions in Moldova, ensuring a robust approach to financial sector supervision.

Recognition from U.S. Ambassador

U.S. Ambassador to Chisinau Kent D. Logsdon praised the Moldovan government’s commitment to improving the stability of the financial system, saying that the new software will significantly enhance the NBM’s ability to prevent money laundering and terrorist financing risks.

Governor’s Comments

NBM Governor Octavian Armașu emphasized that the implementation of the solution is part of broader reforms aimed at supporting economic development in Moldova. He also expressed confidence that the IT solution will improve international credibility by enhancing the central bank’s ability to prevent money laundering risks.

USAID FSTA Project Director’s Comments

USAID FSTA Project Director Matthew Macellaro highlighted other initiatives aimed at strengthening Moldova’s national system for preventing and combating money laundering and financing of terrorism (AML/CFT), including thematic trainings for regulatory authorities and financial sector professionals. He also mentioned the development of amendments allowing customer remote identification through e-KYC (electronic Know Your Customer) technology.

Collaboration with USAID

The NBM has received USAID assistance since 1992 in areas such as preventing money laundering, improving banking supervision, and modernizing payment systems.

Conclusion The implementation of this advanced AML software is a significant step forward in Moldova’s fight against money laundering and terrorist financing risks. With its real-time risk analysis capabilities and modular design, the system will greatly enhance the NBM’s ability to prevent these types of activities.