Moldova to be first region having software for prevention, combating of money laundering

Chisinau, 6 October /MOLDPRES/ - Moldova will be the first in the region to benefit from a software for the prevention and combating of money laundering, implemented by the National Bank of Moldova (BNM), with the support of the United States Agency for International Development (USAID).  

The BNM employees will be assisted by advanced technologies in efforts to prevent the risks of money laundering and supervising the transparency of the bank shareholders. This becomes possible due to a software solution of the last generation, implemented with the support of the USAID Project, Financial Sector Transparency Activity (FSTA).     

„The new information system, the implementation cost of which is of 1.8 million dollars, represents a novelty not only for the region, but also for a central bank. The system has a string of advanced functionalities, which can reach up to the number of 300,000 daily. At the same time, the software is interconnected to 37 databases and national and international lists of sanctions and the concept of work, based on risk analysis, pre-defined scenarios and artificial intelligence, will allow  early detecting suspect activities and issuing alerts for the competent institutions from Moldova,’’ BNM said.      

Also, the Software Solution represents a platform which allows the development of new modules and functionalities, especially in the context of the taking over by BNM of the competences of supervising the sectors of insurances and non-bank crediting.  

BNM has benefited from USAID’s assistance since 1992, in such fields as prevention of money laundering, improving the bank supervision or modernization of the system of payments.

Photo: BNM