Moldova Financial Sector Transparency Activity

Status: Ongoing

IDG is currently implementing the USAID-funded Financial Sector Transparency Activity (FSTA) in Moldova. The goal of FSTA is to support economic growth by improving the financial sector transparency, stability, and soundness, by further strengthening the capacity of the National Bank of Moldova (NBM), the Moldova Central Securities Depository (CSD), the Moldova National Commission for Financial Markets (NCFM), and of the Ministry of Finance.

FSTA helps implement unprecedented initiatives to combat financial crimes, automate the monitoring of shareholder transparency, develop the domestic capital market, and facilitate Moldova’s integration with the international financial community.

Project Period: 2019-2023

 

Region

  • Europe and Eurasia

Country / Countries

  • Moldova
Europe and Eurasia

Areas of Expertise

Financial Sector

The goal of FSTA is to support economic growth through improving the financial sector transparency, stability, and soundness, by further strengthening the capacity of the National Bank of Moldova (NBM), Moldova’s Central Securities Depository (CSD), and the National Commission for Financial Markets (NCFM) to combat financial crimes, automate the monitoring of shareholder transparency (ST) and fight systemic money laundering in the banking sector.

Anti-money Laundering

Two vulnerabilities are characteristic of Moldova’s financial sector: shareholder transparency and anti-money laundering. FSTA facilitates procurement, testing, installation, and training of an internal NBM Software Solution for monitoring the transparency of bank shareholders, and for conducting offsite analysis of anti-money laundering and anti-terrorist funding activity of commercial banks. In parallel, FSTA is seeking to strengthen the anti-money laundering regulatory framework by updating AML/CFT supervision manuals and procedures in line with international commitments.

Financial Stability

The FSTA team designed several activities to help the National Commission for Financial Markets to respond to the COVID-19 crisis, preserving the financial stability of supervised entities (insurers in particular), and enhancing consumer protection measures.