Regulatory Alerts2024-11-07
Regulation on Requirements for Prevention and Combating of Money Laundering and Terrorism Financing in Non-Bank Financial Institutions
The National Bank of Moldova issued Decision No 280 to approve a regulation imposing strict anti-money laundering and counter-terrorism financing requirements on non-bank financial institutions, including credit organizations, savings and loan associations, and life insurers. The regulation mandates that these entities develop and implement comprehensive internal programs, conduct annual risk assessments using a risk-based approach, and enforce rigorous customer due diligence and beneficial ownership verification procedures. Additionally, it establishes clear responsibilities for senior management, requires annual internal audits, and dictates protocols for reporting suspicious transactions and adhering to international financial sanctions.