Moldova’s UBO Update - Amendment to the AML Law No. 308/2017
Moldova’s AML Law No. 308/2017, the primary legislation governing anti-money laundering (AML) and counter-terrorist financing (CFT), has been updated with new requirements for the declaration of Ultimate Beneficial Owners (UBOs). A beneficial owner is the natural person who ultimately owns or controls, directly or indirectly, a company or organisation.
Under the updated rules, reporting entities must ensure that the UBO information they hold matches the data registered with the Public Services Agency (PSA). Reporting entities include, for example, banks and insurance companies. If the KYC information held by a reporting entity differs from the PSA records, the reporting entity is required to suspend operations with the company. If the inconsistency is not resolved, the reporting entity must terminate the business relationship. These obligations apply to all legal entities, and the deadline for compliance is 31 December 2025.
Key changes and requirements
Moldovan companies must ensure that their UBO records at the PSA are accurate and take the following actions as applicable:
1. Verify UBO details internally and confirm that the information recorded with the PSA matches the UBO details disclosed to reporting entities such as banks.
2. Take prompt remedial action to register any missing UBO details and correct any inconsistencies identified across PSA records and reporting-entity data.
3. Adopt ongoing internal monitoring procedures to identify and submit any UBO changes in a timely manner.
4. Implement robust record-keeping processes, including internal verification of UBO details, supporting confirmations, PSA filings and disclosures made to reporting entities.
How can we help?
Computershare’s Global Entity Compliance team of professionals can support you to ensure your company is compliant with the legislation. This new requirement reiterates the important need for good statutory compliance and our team would be glad to discuss how we can work with you to meet all requirements.
Contact:
Please contact your dedicated Computershare Relationship Manager or send an email to #glcgsgecnetworkmanagement@computershare.com for more information about how Computershare may assist you in responding to these new requirements.
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