RESOLUTION OF ADMINISTRATIVE BOARD OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of August 15, 2007 No. 207

About some features of activities of financial institutions in connection with process of legalization of the capital and transfer/export of the Republic of Moldova physical persons of legalized money

List of amending documents

For the purpose of creation of necessary conditions for implementation of process of legalization of the capital according to Chapter IV of the Law N1164-XIII of April 24, 1997 on enforcement of Sections I and II of the Tax code (repeated publication: The official monitor of the Republic of Moldova of 8.02.2007, special release), with subsequent changes and amendments, in pursuance of the article V of the Law N111-XVI of April 27, 2007 on modification and amendments in some legal acts (The official monitor of the Republic of Moldova, 2007, Art. N64-66, 300), articles VII of the Law N177-XVI of July 20, 2007 on modification and amendments in some legal acts (The official monitor of the Republic of Moldova, 2007, Art. N117-126, 534), according to the Art. 5, 11, 44, 51, 52 Laws on National Bank of Moldova N548-XIII of July 21, 1995. (The official monitor of the Republic of Moldova, 1995, Art. N56-57, 624), with subsequent changes and amendments, and the Art. 1, 23, 25, 29, 40 Laws on N550-XIII financial institutions of July 21, 1995. (The official monitor of the Republic of Moldova, 1996, 1, the Art. 2), with subsequent changes and amendments, The law on the prevention and anti-money laundering and financing of terrorism of N190-XVI of July 26, 2007. (The official monitor of the Republic of Moldova, 2007, Art. N141-145, 597), the Administrative board of National Bank of Moldova DECIDES:

I. Opening and closing of bank accounts in connection with legalization of money according to Chapter IV of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code is performed as follows:

1. For transfer of cash or means on the bank accounts which are object of legalization, banks open bank accounts for subjects of legalization in case of representation:

(1) in case of opening of accounts/accounts by the subject of legalization:

a) the statement for legalization of money (according to appendix 4 to the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code) in duplicate;

b) the copy of the identity document of the subject of legalization, with appendix of the original document proving the identity which after comparison to the copy returns to the subject of legalization;

(2) in case of opening of accounts/accounts by the representative of the subject of legalization:

a) the statement for legalization of money (according to appendix 4 to the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code) in duplicate;

b) notarially certified copy of the identity document of the subject of legalization;

c) notarially certified power of attorney about appointment of the representative of the subject of legalization;

d) the copy of the identity document of the representative of the subject of legalization, with appendix of the original document proving the identity which after comparison to the copy returns to the representative of the subject of legalization.

(3) the additional information, except provided in parts (1) and (2), for identification of the subject of legalization and/or his representative: residence/location; kind of activity, post and/or surname of the employer; source of the money of the subject of legalization which is subject to introduction into the account; phone number, the fax and e-mail (in case of their availability); withdrawals of the previous bank (in case of its availability) about the subject of legalization.

1/2. At least one of the following methods is applied to verification of information collected according to subitem 1: confirmation of the address of the location if it does not match with residence (for example, by request of receipts on payment of utilities, documents on calculation, tax payment, information from public bodies or from other licensed persons, etc.); engagement of the subject of legalization by phone, to the fax or e-mail (if those are available) for confirmation of information provided when opening the account (the disconnected or incorrectly specified phone numbers or e-mail shall form the basis for the subsequent analysis); confirmation of the validity of identity documents, references of licensed persons, information from the state registers, in case of suspicions; employment verification, post (as necessary); engagement of the previous bank concerning the subject of legalization.

2. Financial institutions identify and check information on the subject of legalization of money and/or his representative before opening of bank accounts in connection with legalization of money.

Licensed person of financial institution has the right to refuse adoption of the statement for legalization of money if the data specified in the statement do not correspond to data of the identity document of the subject of legalization or his representative.

Financial institutions shall refrain from opening of accounts in connection with legalization of money, stop or refuse accomplishment of transactions in case the documents necessary for identification of the subject of legalization and/or his representative or when the obtained data and information are unconfirmed or doubtful were not submitted, and to inform the Center for fight against economic crimes and corruption on these circumstances.

3. The account opened for legalization of money cannot be conditionally closed.

4. The account opened for legalization of money can be closed:

a) based on the statement of the account holder or his representative;

b) based on the decision of degree of jurisdiction;

c) in other cases provided by the law.

II. Within the capital currency transactions which further are referred to as transaction on transfer of the capital, transfer for export border/permission from the Republic of Moldova of legalized money is performed as follows:

1. Transfer abroad within transactions on transfer of the capital of legalized money is made according to the order of physical persons subjects of legalization (with use or without use of the bank account by means of which the corresponding money was legalized) with observance of requirements of the corresponding regulations of National Bank of Moldova, in view of the features stated in this Item.

2. If transfer abroad within transactions on transfer of the capital of legalized money is made without use of the bank account by means of which the corresponding money was legalized, on hand about transfer physical person subject of legalization specifies that transaction is performed at the expense of the money legalized according to Chapter IV "Legalization of the capital and tax amnesty" of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code.

3. In the case specified in the subitem 2 presents of Item in addition to other documents provided by regulations of National Bank of Moldova, licensed bank the second copy of the application about legalization of money (according to the appendix N4 to the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code) certified by the licensed person of licensed bank in whom legalization of money was performed is submitted.

4. In departure from regulations of Item 39 of the Regulations on conditions and procedure of currency transactions (approved by the Resolution of Administrative board of National Bank of Moldova No. 8 of January 28, 2010), in case of transfer abroad by the physical resident persons who are the subjects of legalization who are going abroad on the permanent residence, the legalized money belonging to them on the property right, submission of the certificate of absence or availability of shortages before the national public budget issued by tax authority of the Republic of Moldova is not obligatory.

5. In case of transfer abroad within transactions on transfer of the capital of legalized money licensed banks hold the charges (from the amount of the legalized money which is subject to transfer abroad) established by part (2) article 36 of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code.

6. Issue by National Bank of Moldova of export permits from the Republic of Moldova of legalized money is performed with observance of requirements of Regulations about issue by National Bank of Moldova of export permits of money from the Republic of Moldova (the Administrative board of National Bank of Moldova No. 14 approved by the Resolution of January 22, 2009, the Official monitor of the Republic of Moldova, 2009, Art. No. 57-58, 249), in view of the features stated in this Item.

7. If physical person subject of legalization petitions for issue of the export permit by National Bank of Moldova from the Republic of Moldova of the legalized money belonging to it on the property right the relevant physical person specifies in the statement that the money which is subject to export is the money legalized according to Chapter IV "Legalization of the capital and tax amnesty" of the Law 1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code.

8. In departure from Regulations regulations on issue by National Bank of Moldova of export permits of money from the Republic of Moldova (the Administrative board of National Bank of Moldova No. 14 approved by the Resolution of January 22, 2009) in the case specified in the subitem 7 of this Item, submission of the certificate of absence or availability of shortages before the national public budget issued by tax authority of the Republic of Moldova is not obligatory.

9. In the case specified in the subitem 7 of this Item in addition to other documents provided by the regulations specified in the subitem 6 of this Item, the relevant physical person shall submit to National Bank of Moldova the following documents:

a) the second copy of the application about legalization of money (according to the appendix N4 to the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code) certified by the licensed person of licensed bank in whom legalization of money was performed is submitted in case of filing of application on issue of permission;

b) the bank document (with marks of licensed bank) confirming payment of the corresponding collection (from the amount of the legalized money which is subject to export from the Republic of Moldova based on permission of National Bank of Moldova) established by part (2) article 36 of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code, it is represented before issue of permission to the relevant physical person.

10. The National Bank of Moldova keeps in special registers account of all export permits issued to physical persons from the Republic of Moldova of legalized money.

11. The documents specified in subitems 3 and 9 of this Item are represented to licensed bank / to National Bank of Moldova in the original and photocopies. After authentication of photocopies by the responsible person of licensed bank / National Bank of Moldova originals of these documents return to physical person, and the certified photocopies are stored in licensed bank / National Bank of Moldova.

III. Financial institutions shall keep the register of subjects of legalization of the money legalized according to Chapter IV of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code which shall include at least surname and name of physical person, data of the identity document (document number, identification number of person), account number, date of opening of the account, the amount of the enlisted money, having provided its storage within at least seven years from the date of implementation of the last transaction on legalization of money.

At the same time financial institutions shall have the procedures of ownership and storage of information connected with legalization of money, including at least the following:

- storage of all source documents 1, business correspondence within at least seven years after the termination of business relations or closing of the bank account;

- storage of cases on identification and check of subjects of legalization of money, and also monitoring of transactions of subjects of legalization of money within at least seven years after closing of their accounts;

- accounting of all transactions within at least seven years after their termination.

Financial institutions provide to licensed bodies access and timely issue in case of their claiming of documents and information concerning identification and check of subjects of legalization of money, and also about monitoring of transactions of subjects of legalization of money.

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1 Source documents - according to the definition given in Art. 19 of the Law on the financial accounting N113-XVI of 27.04.2007.

IV. Financial institutions in the course of the activities connected with legalization of money shall observe provisions of the Law on the prevention and anti-money laundering and financing of terrorism of N190-XVI of July 26, 2007 and Recommendations about development by commercial banks of the Republic of Moldova of programs for the prevention and anti-money laundering and terrorism financing (N94 approved by the Resolution of Administrative board of National Bank of Moldova of 25.04.2002).

with subsequent changes and amendments, paying special attention to the following:

1) In case of identification of subjects of legalization and/or their representatives financial institutions study the following situations of identification with special attention:

- The subject of legalization and/or his representative is politically vulnerable person

Whether financial institutions collect sufficient information from the subject of legalization and/or his representative and check public information for determination the subject of legalization and/or his representative is politically vulnerable person or not, and also periodically update information obtained when opening the account taking into account that the subject of legalization and/or his representative can become afterwards politically vulnerable face. Implementation of the strengthened and permanent monitoring of the relations of financial institutions with such persons, including ensuring receipt of approval of executive body is necessary for establishment or continuation of business relations with politically vulnerable persons if those are already established, implementation of separate accounting of such persons.

- Obtaining and transfer of money

Concerning subjects of legalization and/or their representatives who receive or transfer money to the countries which do not have regulations against money laundering and financing of terrorism or having inadequate regulations in this sense, or representing the increased risk because of high crime rate and corruption, and/or involved in terrorist activities implementation of the strengthened and permanent monitoring of the relations of financial institution with these subjects, including by ensuring receipt of approval of executive body on establishment or continuation of business relations with them, conducting separate accounting of appropriate subjects is necessary.

2) Financial institutions shall perform permanent monitoring of accounts of subjects of legalization for determination of compliance of regular (specific) transactions to this subject of legalization. For this purpose they shall have systems of determination of unusual or suspicious transactions and perform monitoring of all transactions which are carried out through accounts of subjects of legalization. Financial institutions shall have adequate management information systems on representation of necessary information to responsible persons for identification, the analysis and effective monitoring of accounts in connection with legalization of money. The corresponding information systems shall give opportunity of centralized monitoring and information analysis within all systems containing data on the carried-out transactions and information on them.

3) Financial institutions shall have accurate procedures, proceeding from provisions of this resolution, brought to the attention of the personnel involved in process of legalization of money and which provide submission by these personnel of the report on all suspicious transactions revealed in the course of legalization of money and determined according to the list of doubtful types of activity or transactions approved by the Center for fight against economic crimes and corruption according to part (4) Art. 8 of the Law on the prevention and anti-money laundering and financing of terrorism N 190-XVI of July 26, 2007, to the responsible person specified in the item V. Establishment of certain chain of informing both to management, and to internal security service is also necessary for informing on the questions connected with money laundering and financing of terrorism.

In case of detection of the doubtful transactions and/or transactions which are subject to informing according to the law they are registered financial institution by filling of special forms with further informing the Center for fight against economic crimes and corruption.

4) Financial institutions shall have provisions concerning the internal control systems for the purpose of ensuring risk minimization connected with money laundering and financing of terrorism within the activities in connection with process of legalization of money and to equip body of internal audit with function of supervision of activities for legalization of money.

5) Financial institutions shall have the program of the continuous personnel training involved in process of legalization of money. The training program shall include all aspects of process according to the prevention and anti-money laundering and financing of the terrorism applied within activities in connection with process of legalization of money and subsequent use of appropriate means. Personnel training is performed depending on extent of its involvement in process of legalization of money.

V. Heads of financial institutions, compliance officers of policy and procedures of financial institution to requirements and anti-money laundering regulations and financing of terrorism shall be nominated persons, compliance officers of activities of financial institutions to provisions of the Law on the prevention and anti-money laundering and financing of terrorism of N190-XVI of July 26, 2007, according to the subitem b) parts (3) article 25 of the Law N1164-XIII of 24.04.1997 on enforcement of Sections I and II of the Tax code and on conditions, stipulated in Article the 37th this law.

VI. Financial institutions shall represent to National Bank of Moldova the reporting on legalized money and the transfer abroad within currency transactions on transfer of the capital made at the expense of legalized money. The first report is submitted for the accounting period May-August, 2007.

VII. No. 112 is excluded according to the Resolution of the RM National Bank of 03.05.2012

VIII. No. 112 is excluded according to the Resolution of the RM National Bank of 03.05.2012

Appendix

It is excluded according to the Resolution of the RM National Bank of 03.05.2012 No. 112

Procedure for filling of the report on the money legalized and transferred abroad

I. The report on the money legalized and transferred abroad is constituted by licensed bank and it is represented to National Bank of Moldova monthly, no later than the 15th following for reporting. Reports are submitted electronically according to the Instruction about procedure for submission of reports by banks electronically in National Bank of Moldova (approved by the Resolution of Administrative board of National Bank of Moldova N 132 of July 17, 2008).

II. In this report information is reflected about:

- the money legalized in month under report by physical persons subjects of legalization according to Chapter IV provisions "Legalization of the capital and tax amnesty" of the Law on enforcement of Sections I and II of the Tax code (N1164-XIII of 24.04.1997);

- the legalized money transferred abroad within currency transactions on transfer of the capital, in month under report physical persons subjects of legalization.

III. For the purpose of this report it is considered that transfer is made abroad if the beneficiary of this transfer receives money in organization abroad.

In this report the mentioned transfers irrespective of are reflected whether performed their licensed bank:

- through the correspondent accounts "Nostro" opened in other banks of the Republic of Moldova and in foreign banks or

- through correspondent accounts of Loro of banks of the Republic of Moldova or foreign banks, or

- through bystry systems of transfers (Western Union, etc.).

IV. Information which shall be reflected in report headings:

4.1. Bank code: the identification code of licensed bank assigned according to regulations of National Bank of Moldova is specified.

4.2. Bank name: the complete name of licensed bank is specified.

4.3. Column N:

1. Cash amounts, legalized by physical persons subjects of legalization are reflected. The corresponding amounts are specified in original currency, namely in currency in which legalized money was deposited to account.

2. The number of transactions on legalization of the money performed by physical persons subjects of legalization is reflected.

3. Transfer amounts abroad within the currency transactions on transfer of the capital performed by physical persons subjects of legalization at the expense of legalized money are reflected. The corresponding amounts are specified in original currency, namely in currency in which legalized money was transferred abroad.

4.4. N of line:

1. Is reflected according to the procedure, specified in item 4. 3, information on the corresponding transactions in Moldovan lei.

2. Is reflected according to the procedure, specified in item 4. 3, information on the corresponding transactions separately in each foreign currency.

9. It is specified in each column (1-3) target figures which are calculated by summing of data from the corresponding columns of the report.

V. Excluded

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