Financial Crime World

Moldova Moves Closer to Implementing Electronic Know Your Customer Regulations

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The Republic of Moldova is making significant progress in finalizing primary legislation for the implementation of electronic know your customer (eKYC) technology. This crucial step aims to enhance and simplify the interaction between citizens and banking institutions.

Stakeholder Meeting Focuses on eKYC Recommendations

A recent meeting was held between stakeholders from the banking sector, including representatives of the Association of Banks of Moldova (ABM) and the National Bank of Moldova (NBM). The focus of the meeting was to scrutinize recommendations and proposals related to eKYC.

Importance of Implementing eKYC Technology

According to ABM President Dorel Noroc, the implementation of eKYC technology is urgent and vital for the country’s digital economy infrastructure. The platform will enable customers to:

  • Verify their identities digitally
  • Initiate remote collaborations with banks without in-person visits
  • Access online financial services securely from anywhere in the world

Challenges and Risks of Implementing eKYC Technology

While the adoption of eKYC technology comes with challenges and potential risks to transaction security and sensitive data, effective regulation is paramount. The development of a regulatory framework around remote identification procedures is crucial for:

  • Increasing the use of eKYC
  • Safeguarding customers in the evolving digital landscape

Progress on eKYC Implementation

In March 2023, Moldova’s e-Governance Agency launched a project to develop a multi-purpose eKYC technological platform. Legislative amendments clarifying the application of eKYC in the financial sector came into effect from July 1, 2023.

These changes are expected to support the proliferation of digital economy infrastructure, online transactions, and remote working in Moldova, as well as the development of online businesses, financial services, and public services.

Learn More

For further details on Moldova’s eKYC initiative, please refer to our June 2023 story, ‘Moldova boosts remote identification for business, finance and public sectors’.