RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of November 10, 2016 No. 304

About approval of Regulations about licensing, control and authorization of organizations on currency exchange

Based on Item l) parts 1) Articles 5, parts (1) Articles 11, Item c) parts (1) Article 27 and Item b) article 51 of the Law on National Bank of Moldova No. 548-XIII of July 21, 1995 (repeated publication: Monitorul Oficial al Republicii Moldova, 2015 No. 297-300, of the Art. 544), with subsequent changes and amendments, part provisions (12) Articles 4, Chapters V and Chapters VIII of the Law on currency control No. 62/2008 (repeated publication: Monitorul Oficial al Republicii Moldova, 2016, No. 423-429, the Art. 859), with subsequent changes, DECIDES: Executive committee of National Bank of Moldova

1. Approve Regulations about licensing, control and authorization of organizations on currency exchange according to appendix to this resolution.

2. Recognize invalid subitems b), d), e), k) - n) Item 1, subitems a) - c), i) and j) Item 2, Chapters II-IV, X, XI, appendices No. 1 - 7-1, No. 11-20 and No. 29 of the Regulations about organizations on currency exchange approved by the Resolution of Administrative board of National Bank of Moldova No. 53 of March 5, 2009 (Monitorul Oficial al Republicii Moldova, 2009, Art. No. 62-64, 269), with subsequent changes and amendments, registered in the Ministry of Justice of the Republic of Moldova at No. 666 of March 16, 2009.

3. This resolution becomes effective on December 10, 2016.

Approved by the Resolution of Executive committee of National Bank of Moldova No. 304 of November 10, 2016.

Regulations about licensing, control and authorization of organizations on currency exchange

Chapter I. General provisions

1. In these regulations the concepts determined by the Law on currency control No. 62/2008 are used (repeated publication: Monitorul Oficial al Republicii Moldova, 2016, No. 423-429, the Art. 859), with subsequent changes (further – the Law No. 62/2008). Also for the purpose of these regulations the following concepts are applied:

a) exchange currency bureau of licensed bank – exchange currency bureau of licensed bank as it is determined by part (4-1) articles 41 of the Law No. 62/2008;

b) the verified copy of the license – the photocopy of the license of exchange currency cash for implementation of activities for cash currency exchange with physical persons certified by Nayoyotsionalny bank of Moldova according to provisions of these regulations;

c) summary tax deeds – the documents provided by the tax legislation received on cash register or on the foreign exchange device and containing total on the transactions performed with their application;

d) premises of organization on currency exchange – premises of exchange currency bureau of licensed bank, exchange currency cash, its branch, exchange currency point of hotel in which directly through windows cash exchange currency transactions with physical persons are performed;

e) the license of National Bank of Moldova (license) – the license for activities on cash currency exchange with physical persons granted by National Bank of Moldova according to Law No. 62/2008 provisions to exchange currency cash or the legal resident person rendering hotel services (further - hotel);

f) physical persons are the physical resident persons and physical nonresident persons specified in the subitem and) Item 9) and in the subitem and) Item 10) of article 3 of the Law No. 62/2008;

g) the working day (working schedule) – hours of the working day during which exchange currency bureau of licensed bank, the exchange currency cash, its branch, exchange currency point of hotel, the foreign exchange device perform cash exchange currency transactions with physical persons. This working schedule is presented in the form of the weekly schedule specifying the beginning and the end of each working day and, depending on case, – lunch break, the days off of week;

h) exchange currency point of hotel – cash desk through which in hotel transactions on purchase of cash foreign currency / travel checks in foreign currency at physical persons for national currency are performed;

i) the applicant – the legal resident person submitting to National Bank of Moldova the application and documents necessary for receipt of the license / the verified copy of the license and for implementation of other procedures within process of licensing regulated by the Law No. 62/2008;

j) the licensee – the exchange currency cash or hotel having the license of National Bank of Moldova;

k) organizations on currency exchange – the residents specified in part (2) article 41 of the Law No. 62/2008;

l) the authorized person - physical person, the employee of bank which based on the powers conferred by licensed bank represents electronically to National Bank of Moldova information provided in Chapter III;

m) The NBM WEB PORTAL - component of the Information system of National Bank of Moldova about licensing, permission and the notification by means of which licensed banks represent electronically to National Bank of Moldova information provided in Chapter III;

n) Operating instructions of the NBM WEB PORTAL for the purpose of submission of information by licensed banks (Operating instructions for banks) - the technical document developed by National Bank of Moldova placed on the NBM WEB PORTAL containing information for licensed banks, necessary for representation by them in National Bank of Moldova electronically of information provided in Chapter III.

2. These regulations regulate:

a) the features concerning licensing of activities for cash currency exchange with physical persons of exchange currency cash and hotel;

b) procedure for informing National Bank of Moldova by licensed banks on the exchange currency bureaus and foreign exchange devices;

c) features of implementation by National Bank of Moldova of control of activities of organizations for currency exchange;

d) features of application of sanctions against organizations on currency exchange.

3. Licensing of activities for cash currency exchange with physical persons of exchange currency cash and hotel, control of activities of organizations for currency exchange, and also application of sanctions against them is performed according to provisions of the Law No. 62/2008, of the Law on National Bank Moldova No. 548-XII of July 21, 1995, considering the features established by these regulations.

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