An information system installed at the National Bank of Moldova will monitor all the transactions in the banking sector so as to identify transactions that generate suspicions of money laundering. With the help of this Software Solution, the negative phenomena will be detected at the incipient stage, while the National Bank will notify the responsible state institutions, IPN reports.
In the event to present the new software system, National Bank governor Octavian Armașu said the new Software Solution for money laundering risk monitoring is implemented in the context of the reforms done the past few years in the national banking sector to support the country’s economic development. The implementation of the new solution will help the National Bank to cope with multiple challenges, such as the large number of transactions, the huge volume of data, more complex types of transactions and used instruments, complexity of information and multiple changes made permanently in the structure of banks.
“Through supervision and measures to prevent and monitor money laundering risks, we want to protect the financial system from illegal money inflows. We also want to improve the experience of clients, including with the help of technologies. The financial system becomes increasingly efficient owning to technologies, while efficiency brings improved services to clients,” stated Octavian Armașu.
In the same event, U.S. Ambassador to Moldova Kent Logsdon welcomed the Republic of Moldova’s commitment to ensure the best economic growth opportunities for the citizens. The United Sates, through USAID, financed the IT solution to prevent money laundering risks so as to contribute to achieving this objective by averting fraud, promoting transparency and ensuring a more viable and accessible financial sector. The United States offered also technical assistance to help the Government work out the legislative amendment that will enable to identify clients from a distance. Owing to these amendments, the clients will not have to wait to open an account or to perform a financial transaction. These operations can be now performed online, saving time and resources.
The new information system, which is a novelty not only for the region, but also for a central bank, will be managed by the National Bank of Moldova. It was implemented with the support of the USAID-funded Moldova Financial Sector Transparency Activity.
