It is registered
Ministry of Justice
Republic of Moldova
On November 19, 2010 No. 799
of October 15, 2010 No. 204
About approval of Regulations about activities of payment service providers in money transfer systems
Based on the subitem f) the Art. 5, Art. 11 and 44 of the Law No. 548-XIII of July 21, 1995 on National Bank of Moldova (Monitorul Oficial al Republicii Moldova, 1995, Art. No. 56-57, 624), with subsequent changes and amendments, DECIDES: Administrative board of National Bank of Moldova
1. Approve Regulations about activities of banks in systems of international money transfer it (is applied).
2. The banks which began activities in systems of international money transfer before entry into force of this resolution shall have information provided in item 5 of the specified regulations till June 1, 2011.
Chairman of Administrative board of National Bank of Moldova
to the Resolution of National Bank of the Republic of Moldova of October 15, 2010 No. 204
1. Requirements of these Regulations extend to the payment service providers having the right to render services in money transfer, according to Law No. 114 provisions of 18.05.2012 on payment services and electronic money (Monitorul Oficial al Republicii Moldova, 2012, Art. No. 193-197, 661) (further - the Law).
2. For the purpose of these regulations the following concepts are used:
Money transfer - matters, provided in the Law.
Money transfer system – the system regulated by the general regulations of participants of system connected with processing, offsetting and calculation of the money relating to money transfer within which implementation of money transfer is not caused by use of the payment account of the payer/beneficiary.
The supplier of payment participating services - the payment service provider of the payer or the beneficiary from the Republic of Moldova who is the participant of money transfer system.
The organizer of money transfer system - the legal entity organizing and providing functioning of money transfer system.
The payer - person publishing the remittance order of money in case of lack of the payment account.
The beneficiary of payment - person who is the receiver of the funds which became object of payment transaction on money transfer.
Credit risk - risk that at the time of approach of payment due date of the obligation connected with money transfers and in any other future time complete calculation (repayment) will not be able to be perfromed it (is performed).
Liquidity risk - risk that at the time of approach of payment due date of the obligation connected with money transfer, complete calculation (repayment) will not be able to be perfromed it (is performed), but its execution is possible in the future.
The operational risk - risk that the existing problems in information system, internal control system, communication system, human factor, can lead to loss of information or influences negatively completion of calculation of the obligation for money transfer.
Unique identification code of money transfer – the combination from letters, figures or symbols established by the payment service provider the participant, used for money transfer implementation.
3. The supplier of payment participating services before establishment of business relations with the organizer of money transfer system takes measures for identification and precautionary measures depending on the risk connected with the organizer of money transfer system. Provisions of the Law No. 190-XVI of July 26, 2007 on the prevention and anti-money laundering and financing of terrorism are applied as appropriate.
4. To start activities in money transfer system the supplier of payment participating services, at least in 30 days prior to day of the beginning of activities, represents the written petition to National Bank of Moldova.
5. The petition provided in the item 4, includes at least the following:
1) name of money transfer system; name, details, specifying of heads and vygodopriobretayushchy owners of the organizer of money transfer system;
2) the description of the status, type of activity of the supplier of payment participating services in money transfer system;
3) the scheme of functioning of money transfer system (turnover of information and money), the involved parties and their responsibility in the scheme of functioning.
6. The copy of the agreement granting to the supplier of payment participating services the right to render services in money transfer of means within money transfer system is attached to the petition provided in the item 4,.
7. The National Bank in 30-day time considers the petition and the copy of the agreement provided according to item 4-6. In case of detection of violation of requirements of these Regulations and other connected regulations, the National Bank reports about it to the supplier of payment participating services.
8. The supplier of payment participating services prior to the activities in money transfer system eliminates the found violations about which to him it was reported by National Bank.
8-1. The supplier of payment participating services begins activities within money transfer system after receipt of confirmation from National Bank of Moldova.
9. The supplier of payment participating services within 10 working days from the date of emergence of any changes in the data provided to National Bank according to item 5 and 6, in writing notifies National Bank on these changes.
10. The supplier of payment participating services approves the internal written procedures on implementation of activities in money transfer systems developed with observance of requirements of these Regulations and other existing regulations, relatively:
1) risk managements, connected with activities in money transfer system;
2) transparency of conditions of implementation of money transfer services;
3) prevention and anti-money laundering and terrorism financing.
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