On Conducting Thematic Control in Banks and Non-Bank Payment Service Providers

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md DECISION December 16, 2025 No. 60/2 On Conducting Thematic Control in Banks and Non-Bank Payment Service Providers

In accordance with the National Financial Market Commission's (CNPF) 2025 Control Activity Plan (annex to CNPF Decision No. 13/1/2025, hereinafter referred to as the Control Activity Plan), the conduct of two thematic controls is planned: in the banking sector and among payment service providers.

In this context, according to Article 5 of Law No. 114/2012 on Payment Services and Electronic Money (Law No. 114/2012), the following categories of payment service providers are distinguished:
"a) banks and branches established in the Republic of Moldova by banks from other states, operating in accordance with Law No. 202/2017 on Bank Activity; b) payment institutions and branches established in the Republic of Moldova by payment institutions from other states; c) electronic money institutions and branches established in the Republic of Moldova by electronic money institutions from other states; d) postal service providers operating in accordance with Postal Communications Law No. 36/2016; e) the National Bank of Moldova – in cases where it does not act in the capacity of a monetary policy authority or another public authority; f) the State Treasury under the Ministry of Finance."

Given the CNPF's mandate – the protection of financial service consumers, specifically payment service users who qualify as consumers – the category of payment service providers (PSP) includes both banks and non-bank PSPs (payment institutions, electronic money institutions, and postal service providers).

Therefore, it is established that banks are to be included in the two planned controls.

Taking into account the circumstances outlined, considering the imperative of respecting the principle of administrative procedure efficiency, as well as ensuring the comprehensibility and transparency of the supervisory authority's activities, including reducing the administrative burden on participants, it is concluded that it is opportune to initiate a single administrative procedure aimed at carrying out the two planned thematic controls.

According to information published on the official website of the National Bank of Moldova (BNM), as of February 16, 2025, there are 10 banks registered in the List of Banks in the Republic of Moldova, holding licenses issued by the BNM.

Furthermore, in the Register of Payment Institutions and Postal Service Providers, as well as in the Register of Electronic Money Institutions, there are a total of 9 non-bank PSPs registered, comprising 2 payment institutions, 6 electronic money institutions, and 1 postal service provider, which held valid licenses issued by the BNM for providing the respective services as of December 16, 2025.

In this case, it should be noted that the postal service provider, State Enterprise "Poșta Moldovei," holds a BNM license for the activity specified in Article 4, paragraph (1), point 6) of Law No. 114/2012 – money transfer – a payment service consisting of executing a single payment transaction that does not fall under the scope of a framework contract.

In this context, the administrative control procedure will be carried out from the CNPF headquarters and will target both banks – in their capacity as creditors and payment service providers – and non-bank PSPs, with the exception of the postal service provider, State Enterprise "Poșta Moldovei" (participants/entities subject to control), in accordance with Annex No. 1 to this Decision.

Therefore, the thematic control activity is directed towards verifying:
1) Banks' compliance with the method of calculating and applying the interest rate associated with credit, in light of the provisions of Law No. 202/2013 on Consumer Credit Contracts (Law No. 202/2013), as well as the cost elements included in the calculation of the annual percentage rate of charge, in light of Article 23, paragraph (2) of Law No. 202/2013, in mortgage credit contracts concluded during the period from January 1, 2023, to October 24, 2025, and still in force as of December 16, 2025, including regarding the non-admission of unfair commercial practices provided for in Article 13 of Law No. 105/2003 on Consumer Protection;
2) The conformity of the framework contract concluded by banks and non-bank PSPs with payment service users who qualify as consumers, valid as of December 16, 2025, with the provisions of Law No. 114/2012, including the identification of abusive clauses, within the meaning of Articles 1069–1072, 1075–1079, and 1081 of the Civil Code.

Subsequently, it should be noted that, according to Article 3 of Law No. 202/2013 (in the wording until October 25, 2025), "the interest rate associated with credit – an interest rate expressed as a fixed or floating percentage applied annually to the amount drawn from the credit."

Consequently, Article 23, paragraph (2) of the same law provides, "For the purpose of calculating the annual percentage rate of charge, the total cost of the credit to the consumer is determined, excluding costs borne by the consumer for failure to comply with any of the commitments established by the credit contract and other costs outside the purchase price, which the consumer is obliged to pay for the purchase of goods and services, regardless of whether the transaction is made in cash or on credit. Costs for managing an account that records both payment transactions and withdrawals, costs for using a payment instrument for both payment transactions and withdrawals, as well as other costs regarding payment transactions are included in the total cost of the credit to the consumer, unless the opening of the account is optional and the account costs have been clearly and separately indicated in the credit contract or in any other contract concluded with the consumer."

According to Article 69, paragraph (1) of the Administrative Code, the administrative procedure is considered initiated with the first procedural action.

Subsequently, according to Article 9, paragraph (12) of Law No. 192/1998 on the National Financial Market Commission, "(12) The administrative control procedure is regulated by the normative act of the supervisory authority. In the case of administrative control procedures involving more than one entity subject to control, the term within which the administrative control procedure must be completed cannot exceed 180 days."

Regarding the subject matter, given the procedural complexity of conducting the thematic control, which implies time for identifying and analyzing a considerable volume of documents and establishing all factual and legal circumstances, as well as the fact that the control procedure involves 18 participants, it is considered appropriate to establish a term of 180 days.

Complementarily, for the purpose of conducting the thematic control, it is established the necessity of forming a control team consisting of 4 employees from the Consumer Protection Supervision Department within the CNPF, which will carry out the thematic control based on the Control Plan in Annex No. 2 to this Decision.

On the basis of Article 4, paragraph (21), points d) and e), Article 8, point f1), Article 9, paragraph (12), Article 18, paragraph (3), Article 20, paragraphs (1) and (6), and Article 22, paragraph (3) of Law No. 192/1998 on the National Financial Market Commission, Law No. 202/2013 on Consumer Credit Contracts, Article 36, paragraph (2), point g), and Article 37, paragraphs (2) and (3) of Law No. 105/2013 on Consumer Protection, Article 93, paragraph (5) of Law No. 114/2012 on Payment Services and Electronic Money, the Civil Code, the Administrative Code, the Regulation on the Administrative Control Procedure (CNPF Decision No. 60/10/2023), and points 5, 16, and 19 of the Regulation on the Organization and Functioning of the National Financial Market Commission (CNPF Decision No. 57/11/2022), the National Financial Market Commission DECIDES:

1. An administrative control procedure regarding the verification of:
   1.1. Banks' compliance with the method of calculating and applying the interest rate associated with credit, in light of the provisions of Law No. 202/2013 on Consumer Credit Contracts, as well as the cost elements included in the calculation of the annual percentage rate of charge, in light of Article 23, paragraph (2) of Law No. 202/2013, in mortgage credit contracts concluded during the period from January 1, 2023, to October 24, 2025, and still in force as of December 16, 2025, including regarding the non-admission of unfair commercial practices provided for in Article 13 of Law No. 105/2003 on Consumer Protection;
   1.2. The conformity of the framework contract concluded by banks and non-bank PSPs with payment service users who qualify as consumers, valid as of December 16, 2025, with the provisions of Law No. 114/2012 on Payment Services and Electronic Money, including the identification of abusive clauses, within the meaning of Articles 1069–1072, 1075–1079, and 1081 of the Civil Code,
   is initiated ex officio.

2. A term of 180 days is established for the completion of the administrative procedure mentioned in point 1, in accordance with the Control Plan in Annex No. 2 to this Decision.

3. The control team is established with the following composition:
   3.1. Mr. Radu Graur, Senior Specialist, Credit/Deposit Directorate, Consumer Protection Supervision Department, head of the control team;
   3.2. Mr. Dan Cherdevară, Senior Specialist, Payment Services and Foreign Exchange Directorate, Consumer Protection Supervision Department;
   3.3. Ms. Liubovi Vacariuc, Senior Specialist, Credit/Deposit Directorate, Consumer Protection Supervision Department;
   3.4. Ms. Alina Pogor, Specialist, Credit/Deposit Directorate, Consumer Protection Supervision Department.

4. Banks and non-bank PSPs shall present, upon request by the control team, data from information systems, including 1C: Accounting, and from other information sources necessary for the conduct of the control, as well as copies of all requested documents/information.

5. This Decision constitutes an administrative act and may be appealed together with the individual administrative act adopted upon completion of the initiated administrative control procedure.

6. This Decision enters into force on the date of adoption, is communicated to recipients in accordance with legislation, and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT