Moldova progresses rules for eKYC remote identification of banking customers
Date: 05/03/24
The Republic of Moldova is a step closer to finalising primary legislation for the implementation of electronic know your customer (eKYC) technology for the remote identification of customers. Stakeholders from the banking sector participated in meetings to scrutinise recommendations and proposals related to eKYC. Representatives of the Association of Banks of Moldova (ABM) and the National Bank of Moldova (NBM) are strongly engaged in expediting the finalisation of the eKYC draft normative act.
During a collaborative meeting between ABM and NBM, President of ABM, Dorel Noroc, underlined the importance and urgency of this project in enhancing and simplifying the interaction between citizens and banking institutions.
The eKYC platform will allow for efficient verification of customers’ identities through digital means and will enable citizens of the Republic of Moldova and investors to initiate a collaboration with the bank remotely, without the need to present themselves in person. Customers will be able to securely access online financial services, allowing them to create and manage accounts from anywhere in the world. This is expected to yield substantial savings in time and resources for customers and streamline their dealings with financial institutions.
Use of the new technology, comes with challenges and potential risks to the safety and security of transactions and sensitive data. Therefore, effective regulation is crucial. The adoption of legislation and the development of the regulatory framework around remote identification procedures, notably at the primary level, are key for increasing the use of eKYC and safeguarding customers in the evolving era of digital remote identification.
Further information
Moldova’s e-Governance Agency launched a project in March 2023 to develop a multi-purpose eKYC technological platform. Legislative amendments clarifying the application of eKYC in Moldova’s financial sector came into force from 1 July 2023. These changes will support proliferation of the digital economy infrastructure, online transactions and remote working in Moldova, and the development of online businesses, online financial services and digital public services. More details are available in our June 2023 story, ‘Moldova boosts remote identification for business, finance and public sectors’.
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