Central bank will modify regulations on international money transfers

The National Bank of Moldova plans to amend the regulations on the international money transfers and oblige the commercial banks to make the rules concerning the international transfers public. The new document will also stipulate the procedures for solving conflicts that appear between banks and clients, the deputy head of the Prudential Regulation Division Galina Berzedeanu said in a roundtable meting, Info-Prim Neo reports. As to the steps taken by the central bank to ensure the respect for the rights of the consumers of financial-banking services, Galina Berzedeanu said the bank formulates regulations concerning the correct informing of the clients about the products and services offered by the commercial banks. Information about accounts, loans, commissions and interest rates is available at any bank institution, including in electronic format. The central bank also assesses how the banks manage the risks connected with providing distance banking services so as to secure the information. The banks are obliged to make public the conditions of issuing and using bank cards and the related charges. The bank also receives petitions and proposals from clients about the repayment of deposits, liquidation of banks, the rate of inflation, authorization to transfer money abroad, etc. Hungarian expert Karoly Attila Soos spoke about the EU's experience in protecting the rights of the consumers of financial-banking services. He said the EU did not yet manage to create a common market and work out a common framework for protecting the rights of this category of consumers. He also said that there are two European directives that all the EU member states are to implement in their law systems: the directive concerning the contracts signed with recipients of consumer loans, and the directive regarding the provision of distance banking services. Moldova will also have to implement them if it wants to join the EU. According to the expert, the implementation of theses directives is now at different levels. In Slovakia, the law on consumer loans will come into force in June. It envisions the creation of the Inspectorate for the Protection of Financial Market Consumers. For the time being, the State Trade Inspectorate can impose penalties of €16,000 on the creditors that do not observe the initial clauses stipulated in the contract signed with the client. From June, when the new law takes effect, the penalties will grow to €70,000 or even €140,000 in some cases. In France, the law on consumer loans is being prepared. It provides that the creditors that will not fulfill the contractual obligations will not be entitled to interest. An institution was recently set up in France to monitor the financial sector. The Prudential Control Authority will supervise how the rights of the consumers of financial-banking services are respected. “The taxes and charges put when releasing consumer loans and the interest rates are not always transparent. The consumers are dissatisfied with this. It is good that more inspection and monitoring institutions appear now on the banking and financial services market,” Karoly Attila Soos said. The roundtable meeting was held as part of the Consumer Information Week “Our Money, Our Rights” carried out by the Ministry of Economy during March 15-19.