BNM: A new IT system will verify all banking operations

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photo source: BNM - Instruirea viitorilor utilizatori ai program

Posted by: Alina Zlatov

News / Economic

21 Sep. 2022 / 20:25

BNM: A new IT system will verify all banking operations

A money laundering risk prevention system will be implemented at the National Bank of Moldova (BNM) by the end of the year. The program will check all banking operations in the country, reports Radio Moldova.

The new computer system, which is a first for the region, will provide BNM employees with a series of advanced tools that will allow the supervision of all banking operations.

The IT solution is based on risk analysis and will make it possible to detect suspicious activities and issue alerts. This will facilitate the early identification of money laundering and terrorist financing risks, as well as the identification of suspicious changes in the banks' ownership structure.

In addition, the IT Solution is designed on a platform that allows the development of new modules and functionalities, in particular, in the context of the BNM taking over the supervisory powers of the insurance and microfinance sectors.

Under the project, which is implemented with the support of USAID, various internal procedures were developed, and at the beginning of the current month, the training of future users of the program to manage it effectively began.

The IT solution for preventing money laundering risks and monitoring bank shareholders is in the final stage of implementation and is to be launched by the end of this year.

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