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Moldova Takes Leap Forward in Digital Economy with New eKYC Guidelines
Chisinau, Moldova - July 1, 2023
The Republic of Moldova has taken a significant step forward in its digital transformation by introducing new guidelines for electronic Know Your Customer (eKYC) procedures in the financial sector. These legislative amendments will enable remote customer identification methods and pave the way for increased digitization of online transactions and services.
New e-Governance Platform to Support Digital Economy Growth
The e-Governance Agency has launched a project to develop a multi-purpose eKYC technological platform, which is expected to support the growth of digital economy infrastructure in Moldova. The platform will facilitate interactions between financial institutions, businesses, public services, and customers, saving time and reducing costs.
Key Features of the New eKYC Guidelines:
- Enable remote business administration
- Allow investors (including foreigners and those from the Moldovan diaspora) to open and administer companies in Moldova remotely
- Support increased digitization of online transactions and services
Benefits for Remote Business Administration
The creation of an eKYC platform is part of a broader effort to make it easier for businesses to operate online, with the help of digital tools. The draft law on contactless business in Moldova addresses technological aspects of remote identification and interaction with public and private entities, as well as economic activities and remote work, including by diaspora and foreign investors.
Legislative Background:
- The new guidelines aim to address current regulatory constraints that prevent the use of non-face-to-face customer identification procedures
- The legislation will make it easier for Moldovan citizens abroad to initiate business relations or conduct transactions that require physical presence
Support from National Bank of Moldova and International Partners
The National Bank of Moldova has welcomed the legislative amendments, which are expected to help prevent and combat money laundering and terrorist financing. Deputy Governor Vladimir Munteanu emphasized the importance of effectively regulating e-KYC to ensure safe use of financial services and products.
Partnership for Digital Transformation:
- The joint project ‘Creation of eKYC and eNotary Universal Technology Platforms’ will be implemented by the eGovernance Agency with the support of the European Bank for Reconstruction and Development and the UK Government’s Good Governance Fund
- Moldova aims to transpose European practices on digital remote identification from the eIDAS perspective - the EU regulation on electronic identification, authentication, and trust services for electronic transactions in the European Single Market
Impact on Moldova’s Digital Economy:
The new guidelines are expected to have a positive impact on Moldova’s digital economy, enabling increased online transactions and services, and facilitating remote work and business administration.