of May 25, 2018 No. 496
About approval of Methodology of identification of actions and transactions concerning which there are suspicions of money laundering and financing of terrorism
Based on part provisions (9) article 11 of the Law No. 308 of December 22, 2017 on the prevention and anti-money laundering and terrorism financing (The official monitor of the Republic of Moldova, 2018, Art. No. 58-66, 133) DECIDES: the Government
1. Approve Methodology of identification of actions and transactions concerning which there are suspicions of money laundering and financing of terrorism it (is applied).
2. To service according to the prevention and anti-money laundering based on Methodology of identification of actions and transactions concerning which there are suspicions of money laundering and financing of terrorism to draft the following acts of advisory nature in a month:
1) the Management on identification of actions or transactions concerning which there are suspicions of money laundering;
2) the Management according to the procedure of the reporting on doubtful actions or transactions;
3) the Management on identification of doubtful actions and transactions concerning which there are suspicions of terrorism financing.
3. To bodies with functions of supervision of reporting units in 2-month time after entry into force of this resolution based on risks assessment of money laundering and financing of terrorism at the national level to develop, approve and publish reports on the factors generating low or high risks of money laundering and financing of terrorism.
4. In 4-month time after entry into force of this resolution to the subjects of the reporting specified in article 4 of the Law No. 308 of December 22, 2017 on the prevention and anti-money laundering and terrorism financing to bring into accord programs for the prevention and anti-money laundering and financing of terrorism in own field of activity, with informing Service according to the prevention and anti-money laundering.
Prime Minister
Paweê Phillip
Countersign: Minister of Economy and Infrastructure |
Kirill Gaburich |
Minister of Justice |
Victoria Iftodi |
Approved by the Order of the Government of the Republic of Moldova of May 25, 2018 No. 496
1. The methodology on identification of actions and transactions concerning which there are suspicions of money laundering and financing of terrorism (further - Methodology) establishes procedure for identification of doubtful actions and transactions which fall under operation of the Law No. 308 of December 22, 2017 on the prevention and anti-money laundering and terrorism financing.
2. Criteria and risk factors, precautionary measures for clients and the approach based on risk will be in detail specified and described in the programs for the prevention and anti-money laundering and financing of terrorism in the field of the activities developed and approved by reporting units.
3. For identification of the doubtful actions and transactions falling under impact of the Law No. 308 of December 22, 2017 on the prevention and anti-money laundering and terrorism financing (further - doubtful transactions), reporting units shall apply procedures risk - the oriented approach to clients and transactions.
4. The risk-oriented approach to transactions and clients, shall provide the effective mechanism of identification of the potential risks of money laundering and financing of terrorism connected with clients and their transactions, allowing reporting units to concentrate only on clients, the actions and transactions representing risk of money laundering and financing of terrorism.
5. For application the risk - the oriented approach to transactions and clients to reporting units is recommended to perform risks assessment of money laundering and financing of terrorism in own field of activity. Their domestic policy and procedures shall determine procedure in which reporting unit manages risks of money laundering and financing of terrorism and minimizes them, in particular the risk of image, functionality, legality, concentration, information technologies and other risks revealed in the field of the activities.
6. The risks assessment is carried out in case of initiation of business relations and lasts throughout their implementation being basis risk - the oriented approach to transactions and clients that allows reporting unit to understand as well as in what degree the business relation is subject to risks of money laundering and financing of terrorism.
7. Assessment of degree of risk exposure of money laundering and financing of terrorism is systematic approach to the main categories of risks in this area in this connection reporting unit analyzes activities of the client through prism of the following risks:
1) geographical risk - in case of risk identification, the connected with jurisdictions and geographical zones, reporting units shall consider:
a) area/jurisdiction in which the client or the vygodopriobretayushchy owner is registered;
b) area/jurisdiction in which the client or the vygodopriobretayushchy owner works;
c) area/jurisdiction with which the client or the vygodopriobretayushchy owner maintains business relations;
2) customer risk - the persons provided by authorized persons, politically vulnerable persons, persons the performing transactions, which obviously do not have economic target;
3) risk of product - exposure of economic financial product to risk of money laundering or financing of terrorism;
4) risk of the transaction - the vulnerability of some transactions determined by internal or external factors or transactions for which cash, repeated transactions with the amounts below limit of the reporting are mainly used.
8. The risks provided in Item 7, have no restrictive character and can be differentiated by reasonable approach, depending on specifics of activities of the client.
9. For implementation of adequate risks assessment and vulnerability in the relation of actions for money laundering and financing of terrorism different sources of information can be used: national, international, public, private, etc.
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