They will be attempted within those states where legislation does not allow for the implementation of group-wide policies and procedures.
The National Bank of Moldova has developed the relevant draft amendments to the legislation in force. It is submitted for public consultations until June 3 this year.
The document suggests that banks and non-banking organizations will be obliged to identify, assess and manage money laundering and terrorist financing risks throughout the group.
According to the draft, when opening branches and subsidiaries in other states, as well as in the course of their activity, the bank will apply anti-money laundering norms in accordance with its own internal control system, as well as Moldovan regulations.
The draft also provides for the necessity to obtain the consent of clients for the application of such protective measures. Also, payment service providers will be obliged to demonstrate to the competent authorities that the implemented measures are adequate and effective.
At the same time, if the competent authority considers them insufficient, it may require additional measures to comply with the obligations.
