The National Bank of Moldova (NBM) called on the licensed banks to show vigilance in the prevention and combating of money laundering and terrorism financing. According to the Bank, the activities in which the clients use large sums in cash imply bigger risks and the banks should take precautionary measures to prevent illegal transactions, IPN reports.
In particular, the NBM warned the banks about the situations in which they must show prudence to understand what the source of the money used by clients and the essence of their operations are.
The Bank reiterated the importance of prudently and continuously monitoring the operations performed by clients so as to promptly identify the related risks and to apply appropriate precautionary measures in accordance with the legislation on the prevention and combating of money laundering.
In a press release, the NBM says that the law on the prevention and combating of money laundering and terrorism financing took effect in 2018. Under this law, the clients of banks must be transparent when performing transactions.
