Moldova to implement IT solution to prevent money laundering risks


For the first time, Moldova will implement, with the support of USAID, an integrated IT solution designed to automate and streamline the monitoring processes of money laundering risks and the transparency of ownership of supervised banks. The main functionalities of the solution were presented in an online event hosted by the National Bank of Moldova, IPN reports.

In his opening remarks, NBM Governor Octavian Armașu said the implementation of the new IT solution comes in the context of the reforms done the past few years in the national banking system to support the economic development of the country, for the benefit of the whole society. “The close monitoring of the banking system, identification and assessment of inherent risks and implementation of measures to mitigate these are not only important tasks, but also real challenges. But the development of the financial market is more dynamic and needs prompter approaches on the part of the supervisor,” said Octavian Armașu.

USAID Moldova Mission Director Scott Hocklander approved of the NBM’s efforts aimed at strengthening the capacities to prevent and combat financial crimes and to ensure bank ownership transparency. “USAID undertakes to support the anticorruption initiatives aimed at ensuring a stable and reliable financial market. We are confident that the implementation of this IT solution, alongside the training of personnel, will significantly improve Moldovan authorities’ capacities to identify and fight financial crimes and to reduce corruption, allowing a more robust approach to the prevention of illegal or suspect money transfers and ensuring of the financial system’s sustainability,” said Scott Hocklander.

The new system will provide the NBM employees with a series of advanced functionalities based on artificial intelligence. It enables to supervisor all the bank operations and will function as a common point for accessing and viewing information from databases.

The IT solution will be implemented with the assistance of the Financial Sector Transparency Activity (FSTA) that is funded by the United States Agency for International Development (USAID).