• Calling days and hours of the governing body of the National Bank of Moldova for citizens.


  • Octavian Armașu, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Cristina Harea, Deputy Governor of the National Bank of Moldova

    3rd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

Details

 

Main navigation BNM

Expand Hide
09.03.2016

Regulation on residents' accounts abroad, approved by the DCA of the NBM, No. 216 of August 20, 2015

Note: The translation is unofficial, for information purpose only

Published in theOfficial Monitor of the Republic of Moldova no.258-261 of 18.09.2015, Art.1719

Registered
Minister of Justice
of the Republic of Moldova
Vladimir CEBOTARI
no.1064 of 02 September 2015

COUNCIL OF ADMINISTRATION
OF THE NATIONAL BANK OF MOLDOVA

 

DECISION no.216
of 20 August 2015

On the approval of the Regulation on residents' accounts abroad

Pursuant to Article 5 paragraph (1) letter l), Article 11 paragraph (1), Article 26 letter c), Article 51 letter a) and Article 52 of the Law on the National Bank of Moldova no.548-XIII of 21 July 1995 (Official Monitor of the Republic of Moldova, 1995, no.56-57, Article 624), with further amendments and completions, Articles 13, 55 and 67 of the Law on foreign exchange regulation no.62-XVI of 21 March 2008 (Official Monitor of the Republic of Moldova, 2008, no.127-130, Article 496), with further amendments and completions, the Council of Administration of the National Bank of Moldova

DECIDES:

1. To approve the Regulation on residents' accounts abroad, according to the annex to this Decision.

2. Residents holding authorisations for opening accounts abroad, issued by the National Bank of Moldova until the entry into force of this Decision, shall submit to the National Bank of Moldova the Report on the account opened abroad, in accordance with the Regulation referred to in item 1 of this Decision, starting with the reporting month of November 2015.

3. This Decision shall enter into force 30 days after the date of its publication in the Official Monitor of the Republic of Moldova.

Deputy Chairman
Council of Administration

Marin MOLOȘAG

Annex
to theDecision of the Council of Administration
of the National Bank of Moldova
no.216 of 20 August 2015

Regulation on residents' accounts abroad

Chapter I. General provisions

1. This Regulation shall use the notions defined in the Law on foreign exchange regulation no.62-XVI of 21 March 2008 (Official Monitor of the Republic of Moldova, 2008, no.127-130, Article 496), with further amendments and completions, hereinafter referred to as the Law no.62-XVI of 21.03.2008. For the purpose of this Regulation, the following notions shall also apply:
a) authorisation for opening an account abroad (NBM authorisation) - an official document issued by the National Bank of Moldova, which allows its holder to open an account abroad and to perform certain operations on this account. The amendments to the authorisation issued by the National Bank of Moldova shall constitute an integral part of the authorisation;
b) non-resident bank - a bank or another financial institution (that is entitled to accept demand deposits and/or term deposits or their equivalents and to carry out other financial activities) located outside the Republic of Moldova, holding a licence to exercise financial activities issued by the body legally authorized for that under the legislation of the foreign state, as well as the branch located outside the Republic of Moldova of the licensed bank from the Republic of Moldova;
c) account opened abroad (account abroad) - a bank account in national or foreign currency (current account, term deposit etc.) opened by the account holder with the non-resident bank for the purpose of depositing, keeping and/or using of funds;
d) resident individuals - residents referred to in Article 3 sub-paragraph 9) item a) of the Law no.62-XVI of 21.03.2008;
e) resident individuals practicing a certain type of activity - residents referred to in Art.3 sub-paragraph 9) item b) of the Law no.62-XVI of 21.03.2008;
f) resident legal entities - residents referred to in Art.3 sub-paragraph 9) items c-g) of the Law no.62-XVI of 21.03.2008;
g) applicant - a resident intending to open an account abroad, which opening is subject to authorisation by the National Bank of Moldova in accordance with the Law no.62-XVI of 21.03.2008, and in this regard submitting to the National Bank of Moldova (personally or through a representative) an application for issuing the authorisation for opening an account abroad on own name, as well as documents related to opening an account abroad, for which the NBM authorisation is requested;
h) account holder - a resident individual, resident individual practicing a certain type of activity or resident legal entity, including the bank, on the name of which the account abroad is opened;
i) the notion „resident payment service providers (RPS providers)” shall have the meaning as defined by the Regulation on conditions and procedures of performing foreign exchange operations, approved by the Decision of the Council of Administration of the National Bank of Moldova no.8 of 28 January 2010, Official Monitor of the Republic of Moldova, 2010, no.41-43, Article 177 (hereinafter referred to as the Regulation on conditions and procedures of performing foreign exchange operations).

2. This Regulation shall establish the following:
a) the procedure for authorisation by the National Bank of Moldova of opening an account abroad, including requirements related to the application for issuing the authorisation, as well as the list of documents to be attached, requirements related to informing on modification of data from the documents attached to the application;
b) peculiarities related to the opening, managing and closing of accounts abroad, which opening requires authorisation of the National Bank of Moldova;
c) procedure for reporting to the National Bank of Moldova on accounts opened abroad based on the NBM authorisation;
d) peculiarities related to the application of sanctions against holders of authorisations issued by the NBM;
e) some peculiarities related to accounts abroad, which opening abroad does not require authorisation of the National Bank of Moldova.

3. The provisions of this Regulation contain requirements in terms of foreign exchange regulation and do not exempt residents, including RPS providers, from compliance with other provisions of Moldovan legislation (including in the field of prevention and combating money laundering and terrorist financing etc.).

4. Opening of an account in national or foreign currency with a non-resident bank by a resident, as well as conducting operations through this account (hereinafter referred to as opening of an account abroad) shall be performed only after obtaining the authorisation of the National Bank of Moldova for opening an account abroad. Without an authorisation of the National Bank of Moldova, residents may open accounts abroad in cases specified in paragraph (8) Article 6 and paragraph (5) Article 13 of the Law 62-XVI of 21.03.2008.

5. Authorisation for opening an account abroad shall not imply for the National Bank of Moldova any obligations related to this account and operations performed through it.

6. The National Bank of Moldova shall keep records in a special register of the authorisations for opening accounts abroad, including amendments thereto, issued to residents.

7. The resident - account holder shall be responsible for the compliance of operations performed through the account opened abroad with the provisions of legislation of the Republic of Moldova, as well as, where appropriate, with the conditions of the NBM authorisation.

8. The responsibility for signing documents (that are compiled and submitted to the National Bank of Moldova by the resident legal entity) by the person empowered with this right according to the incorporation documents of the resident and the legislation of the Republic of Moldova shall bear the respective legal entity.

9. Opening an account abroad (with or without the NBM authorisation, according to the Law no.62-XVI of 21.03.2008) shall be carried out by the following persons:
a) resident legal entity - for lawful purposes related to the activity of the legal entity, including for the purpose of ensuring the activity of its representative offices opened abroad;
b) resident individual practicing a certain type of activity - for the purpose related to practicing of such activity;
c) resident individual - for personal purposes, as well as in connection with business trips abroad.

10. Resident legal entities (other than licensed banks) which, along with other activities allowed under current legislation, have the right to carry out the activity as RPS providers, shall open, under the Law no.62-XVI of 21.03.2008, separate accounts abroad for the purposes of carrying out activities related to provision of payment services /issuance of electronic money.

11. Opening accounts abroad by resident individuals under item d) paragraph (5) Article 13 of the Law no.62-XVI of 21.03.2008 shall be performed only for the period of their temporary stay abroad. Upon return from abroad in connection with the expiry of the period of temporary stay abroad, these accounts shall be closed and their balances - repatriated in accordance with the provisions of this Regulation. If the resident intends to use that account after returning from abroad, he/she shall obtain the NBM authorisation in accordance with this Regulation before returning from abroad.

12. Residents shall deposit, keep and use funs to/from accounts, opened abroad without authorisation of the National Bank of Moldova under the provisions of the Law no.62-XVI of 21.03.2008, in accordance with the purposes for which they were opened.

13. In the event when a resident intends to perform a foreign exchange operation, which under the Law no.62-XVI of 21.03.2008 is subject to authorisation by the National Bank of Moldova, and the performance of such operation implies the use of an account abroad, which under the Law no.62-XVI of 21.03.2008 may be opened only after obtaining the NBM authorisation, the resident shall be obliged to submit, along with the application for authorisation of foreign exchange operation, the application for issuing the authorisation for opening an account abroad. The National Bank of Moldova shall have the right to authorise the opening of an account abroad, if it decided to authorise the foreign exchange operation, which performance implies opening the account abroad.

14. In the event when a resident intends to perform a foreign exchange operation, which under the Law no.62-XVI of 21.03.2008 is subject to notification to the National Bank of Moldova, and the performance of such operation implies the use of an account abroad, which under the Law no.62-XVI of 21.03.2008 may be opened only after obtaining the NBM authorisation, the resident shall be obliged to obtain an authorisation for opening an account abroad prior to the submitting the notification to the National Bank of Moldova.

15. The conditions for authorisation of opening an account abroad shall be, as follows:
a) compliance with the provisions of items 4, 9, 10, 11, 13, 14, where applicable;
b) peculiarity of performing the concrete operations and the impossibility to perform the envisaged operations through the accounts opened with the RPS providers.

16. Residents shall perform, through accounts opened abroad, the foreign exchange operations that are subject to authorisation by the National Bank of Moldova under the Law no.62-XVI of 21.03.2008, after obtaining authorisations of the National Bank of Moldova that permit performing such operations.

 

Chapter II. Procedure for authorisation
by the National Bank of Moldovaof opening an account abroad

Section 1 Documents necessary to obtain the NBM authorisation

17. In order to obtain an authorisation for opening an account abroad, the applicant shall submit to the National Bank of Moldova an application compiled in accordance with Annex no.1, to which the followings shall be attached:
a) documents identifying the applicant (not applicable for RPS provider holding the license issued by the National Bank of Moldova);
b) documents related to opening an account abroad, for which NBM authorisation is requested.

18. The documents identifying the applicant shall be the documents indicated in Section I of Annex no.2, which shall be submitted as follows:
a) for resident legal entity – the documents indicated in items 1- 4;
b) resident individual practicing a certain type of activity – the documents indicated in items 5 and 6;
c) resident individual - the document indicated in item 6.

19. The documents related to opening of an account abroad, for which the NBM authorisation is requested, shall be the documents indicated in item 7, Section I of Annex no.2.

20. The documents referred to in items18 and 19 shall be submitted to the National Bank of Moldova in accordance with the requirements specified in Section II of Annex no.2.

21. In the case specified in item 13, if the documents to be submitted by the resident to the National Bank of Moldova for obtaining an authorisation for opening an account abroad are identical to the documents to be submitted for obtaining an authorisation for performing another foreign exchange operation subject to authorisation (for example, for granting external loans /credits), that will be conducted through the above-mentioned account, these documents may be submitted in a single copy and shall be attached to the application for issuing the authorisation for performing the foreign exchange operation; and the application for opening of an account abroad shall specify such information.

 

Section 2. Examination by the National Bank of Moldova of the application for issuing the authorisation for opening an account abroad

22. The National Bank of Moldova shall decide to issue the authorisation or to refuse the issuance of the authorisation within 15 working days following the date the application for issuing the authorisation for opening an account abroad was received.

23. The National Bank of Moldova shall have the right to authorize the opening of an account abroad or to refuse the authorization for its opening, taking into account the fundamental objective of the National Bank of Moldova stipulated by the Law on the National Bank of Moldova no.548-XIII of July 21, 1995, the current conditions of the money, credit and foreign exchange market, the situation of the balance of payments of the Republic of Moldova, the provisions of the legislation of the Republic of Moldova, including on the repatriation of funds resulting from import /export transactions.

24. Reasons for the refusal to issue the authorisation shall also be, as follows:
a) failure to submit the full set of documents as in accordance with the provisions of this Regulation;
b) failure of the submitted documents to comply with the requirements of this Regulation;
c) application by the National Bank of Moldova to the applicant-RPS provider of remedial measures related to opening of accounts with other institutions by the RPS provider;
d) submission of documents containing unauthentic or contradictory information;
e) failure of the applicant to meet the conditions of authorization.

25. In the event of refusal to issue an authorisation for opening an account abroad, the National Bank of Moldova shall inform accordingly the applicant in written form, indicating the reason for refusal.

26. The National Bank of Moldova shall examine the repeated application for issuing the authorization for opening an account abroad, taking into consideration the reasons for refusal and verifying their removal by the resident (if that depends on the resident).

27. Authorization of opening an account abroad shall be done by issuing the relevant authorisation by the National Bank of Moldova. The authorisation template is provided for in Annex no.3. Depending on the peculiarity of the account, the National Bank of Moldova may modify the content of the authorisation.

28. The National Bank of Moldova may specify in the authorisation, inter alia, the operations that may be performed to / from the accounts opened abroad by residents, limits of balances and the period of funds maintenance on such accounts, other conditions related to managing and closing of such accounts.

29. The NBM authorisation shall be handed over to the holder/authorized representative thereof upon signature in the register referred to in item 6 or shall be sent to the holder by registered letter with acknowledgment of receipt.

30. The original of the authorisation shall be kept by the resident-holder of authorisation.

31. Transmission of rights and obligations under the NBM authorisation to other persons shall not be allowed.

32. The resident holding the NBM authorisation shall be obliged to open the account abroad within 180 days from the date of issue of authorisation.
In the event when the account has not been opened until the expiry of this period, the respective authorisation shall become invalid, and the its original shall be returned to the National Bank of Moldova within 5 working days from the date of expiration of the specified period.

 

Section 3. Informing on modification of data contained in the documents submitted for obtaining the NBM authorisation

33. In the event when, after the date of obtaining the NBM authorisation, the amendments /completions in the information indicated in the application for issuing the authorisation, in the documents submitted by the resident have been occurred and/or new documents which amend the information related to the opening the account abroad have been signed, the resident shall be obliged within 15 working days following the date of amendments /completions:
a) to submit an application for issuing an amendment to the NBM authorisation (according to Annex no.4), attaching the original NBM authorization and the relevant documents – in case of amendments and/or completions which involve the modification of information from the NBM authorisation;
b) to inform in writing the National Bank of Moldova on the made amendments/completions, attaching the relevant documents – in case of amendments /completions of other information.

34. The application for issuing an amendment to the NBM authorisation shall be signed by the resident (person empowered by the resident). In the event when, under the acting legislation, the resident has a stamp, the mentioned signature shall be certified by the stamp.

35. In case of submission of an application for issuing an amendment to the NBM authorisation, the provisions of items 22 - 26, 28 shall be applied.

36. As a result of the acceptance of amendments and /or completions, the National Bank shall issue an amendment to the relevant authorisation, which shall be an integral part of the NBM authorisation.

37. On the reverse side of the NBM authorisation, the responsible person of the National Bank of Moldova shall indicate the ordinal number and the date of issue of the amendment.

38. The issuance of the amendment to the NBM authorization shall be done as in accordance with the provisions of item 29.

 

Chapter III. General provisions related to operations
to/from the account abroad authorised by the National Bank of Moldova

39. Only funds originating from sources stipulated in the NBM authorisation, as well as in item 40, shall be registered in the accounts abroad authorized by the National Bank of Moldova. Otherwise, the funds shall be registered in the accounts opened with RPS providers.

40. The following funds may be registered in the account opened abroad, without being specified in the NBM authorisation:
a) amounts of interest on the account paid by the non-resident bank;
b) funds previously debited from the mentioned account, which have been returned (totally or partially).

41. The funds from the accounts opened abroad shall be used in accordance with the directions of its use specified in the NBM authorisation.
The following funds may be debited from the account opened abroad, without being specified in the NBM authorisation:
a) amounts of commissions and other payments to be charged by the non-resident bank for providing services to the resident;
b) funds previously registered in the mentioned account, which are to be returned (totally or partially);
c) funds subject to repatriation to the resident`s accounts opened with RPS providers;
d) funds related to enforcement.

42. In the event when the NBM authorisation stipulates a balance limit for the account opened abroad and such limit is exceeded at the end of the period set out in the NBM authorisation, the excess amount shall be transferred to the account opened with one of the RPS providers within 5 working days from the date of the expiry of the relevant period.

43. In the event when the NBM authorisation provides for a period of funds` maintenance on the account opened abroad, the funds shall be transferred into the account opened with one of RPS providers at the latest the next working day after the day of expiry of that period.

 

Chapter IV. The procedure of performing transfers from the Republic
of Moldova to account abroad authorised by the National Bank of Moldova

Section 1. General provisions

44. This Chapter shall regulate the peculiarities related to making transfers by residents to their accounts abroad, whose opening has been authorised by the National Bank of Moldova, in particular requirements for the NBM authorisations that shall be submitted to RPS providers and appropriate actions of the RPS providers.

45. The transfers regulated by this Chapter shall be made in accordance with the relevant provisions related to payments and transfers from the Regulation on conditions and procedures of performing foreign exchange operations, as well as in accordance with the provisions of this Chapter.

46. In the event when, under the Law no.62-XVI of 21.03.2008, the opening of an account abroad requires the NBM authorisation, the resident`s order to make funds’ transfer to its account opened abroad shall be executed by the RPS provider upon submission by the resident, inter alia, of the following documents:
)>)>

47. In the event when the transfers to the account abroad authorised by the National Bank of Moldova are made with the use of payment instruments (defined so under the Law no.114 of 18.05.2012) and, depending on the particularity of the used payment instrument or depending on the method of its using, it is not possible to submit the NBM authorization and justifying documents to the RPS provider at the time of making the transfer, the given RPS provider shall apply its internal regulations. In this case the RPS provider shall have evidences that the resident making the relevant transfer holds the respective NBM authorization and that the transfer is made in accordance with the requirements of the given authorisation.

48. The internal regulations indicated in item 47 shall establish the actions/terms/procedures/ modalities of verification that have to be implemented /executed by RPS provider and/or by its clients in order to ensure compliance with the provisions of the foreign exchange legislation, including the requirements of the NBM authorisation.

 

Section 2. Requirements for the NBM authorisations that are submitted to the RPS providers and the appropriate actions of the RPS providers

49. The NBM authorisation, on the basis of which the transfer are made to the account opened abroad, shall be submitted in original to the RPS provider. In the event when the National Bank of Moldova issued amendments to the authorisation, they, being integral part of the NBM authorisation, shall be submitted in the original along with NBM authorisation.

50. The NBM authorisation shall be submitted to the RPS provider at the time of making the transfer to the account opened abroad, except for the case provided for in item 47.

51. The originals of the NBM authorisations shall be returned to residents. The photocopies of these documents, authenticated by the responsible person of the RPS provider, shall be kept at the RPS provider according to its internal rules established under the legislation of the Republic of Moldova.

52. The RPS provider, through which the resident makes the transfer to an account abroad authorised by the National Bank of Moldova, shall be obliged to verify as follows:
a) the existence of the number and date of the NBM authorisation in the written request;
b) if the NBM authorisation provides for the possibility of making transfer from the Republic of Moldova to this account;
c) the correspondence of data indicated in the written request with the data indicated in the NBM authorisation (taking into account the amendments thereto, if any) and in the justifying documents (taking into account the amending documents, if any), in the event when the submission of such documents is specified in the NBM authorisation;
d) if the amount indicated in the written request does not exceed the amount indicated in the NBM authorisation (if this is specified in the authorisation) and in the justifying documents (taking into account amending documents, if any) – in the event when the submission of such documents is specified in the NBM authorisation and, according to the Regulation on conditions and procedures of performing foreign exchange operations, the justifying document shall contain data on the amount of payment/transfer;
e) if the justifying documents are submitted according to the provisions of the Regulation on conditions and procedures of performing foreign exchange operations.

 

Chapter V. Closure of accounts abroad opened on the basis of the NBM authorisation

53. If no term of validity is indicated in the NBM authorisation, the resident shall close the account when the purposes, for which the account was opened, are achieved. The authorisation shall become invalid on the date of closure of the account abroad.

54. If a concrete validity term is stipulated in the NBM authorisation and it is not extended by the National Bank of Moldova, the resident shall be obliged to close the account abroad no later than the next working day after the expiry of the validity term.

55. The resident may close the account abroad on own initiative before the expiry of the validity term of the NBM authorisation. The relevant authorisation shall become invalid on the date of closure of the account abroad.

56. When closing an account abroad opened based on the NBM authorisation, the resident shall be obliged to inform in writing the National Bank of Moldova about this fact, attaching thereto:
a) written confirmation of the non-resident bank on the closure of the account abroad;
b) document issued by the RPS provider (authenticated by the signatures of authorised persons of the RPS provider and its stamp, if any), confirming registration of the balance of the closed account in the account of the respective resident opened with the RPS provider.
The notice and the aforementioned documents shall be submitted at the latest along with the last report on the account opened abroad, which is mandatory under Chapter VII.

57. The closure of accounts abroad as a result of the withdrawal of the NBM authorisation shall be performed in accordance with the provisions of Chapter VIII.

 

Chapter VI. Peculiarities of funds` repatriation
following 
the closure of accounts abroad

58. When closing accounts opened abroad (with or without the NBM authorisation, according to the Law no.62-XVI of 21.03.2008), the balances of these accounts shall be repatriated in accordance with the provisions of this Chapter.

59. When closing the account opened abroad on the name of the licensed bank /its representative office located abroad, the account balance shall be registered in another account of the licensed bank opened abroad or with another licensed bank.

60. When closing the account opened abroad on the name of the resident legal entity (other than a licensed bank) /its representative office, the account balance shall be repatriated to the Republic of Moldova through transfer to the account of the respective legal entity opened with the RPS provider.

61. If the balance of the account abroad is insignificant and the transfer thereof in the Republic of Moldova by the resident legal entity (other than a licensed bank) is irrational due to the transfer costs, the repatriation of the account balance to the Republic of Moldova may be carried out by import of cash / traveller's checks into the Republic of Moldova with its subsequent depositing on the account of the relevant legal entity opened with the RPS provider.

62. Depositing cash /traveller's checks imported into the Republic of Moldova in the case referred to in item 61 shall be made by submitting to the RPS provider, inter alia, the following justifying documents:
a) written confirmation of the non-resident bank on the closure of the account abroad;
b) the last account statement confirming the performance of the last operation through the account abroad.
Justifying documents shall be submitted in original or photocopies certified by the resident as specified in item 172 of the Regulation on conditions and procedures of performing foreign exchange operations.

63. When closing the account opened abroad on the name of a resident individual practicing a certain type of activity, the repatriation of the balance to the Republic of Moldova shall be carried out as described in items 60-62, with subsequent registration of funds in the account of the relevant individual opened with the RPS provider.

64. When closing accounts abroad by resident individuals, the balances on these accounts shall be repatriated to the Republic of Moldova through transfer or by import of cash/traveller's checks.

65. In the event when the account abroad was opened without authorisation from the National Bank of Moldova as in accordance with the Law no.62-XVI of 21.03.2008, upon closing the account its balance may not be subject to repatriation to the Republic of Moldova, if it is used for making payment /transfer within the foreign exchange operation, the execution of which:
a) does not require authorisation from the National Bank of Moldova under the Law no.62-XVI of 21.03.2008;
b) is subject to authorisation from the National Bank of Moldova under the Law no.62-XVI of 21.03.2008 and the resident holds such an authorisation.

66. In the event when the account abroad was opened with authorisation from the National Bank of Moldova as in accordance with the Law no.62-XVI of 21.03.2008, upon closing the account its balance may not be subject to repatriation to the Republic of Moldova, if the NBM authorisation allows using the balance of the closed account for the purposes specified in the NBM authorisation.

 

Chapter VII. Reporting on the
account opened abroad 
based on the NBM authorisation

67. The resident holding the NBM authorisation shall be obliged to submit to the National Bank of Moldova monthly, not later than the 20th of the month following the reporting month, the Report on the account opened abroad (hereinafter referred to as report) according to the form and the procedure of its compiling indicated in Annex no.5.
In the event when the account abroad authorised by the National Bank of Moldova is used to perform foreign exchange operations, which are also subject to authorization from the National Bank of Moldova according to the Law no.62-XVI of 21.03.2008, the National Bank of Moldova shall have the right to modify the content of the report, depending on the specificity of the foreign exchange operation.

68. The first month for which the report has to be submitted shall be deemed the month in which the account was opened with the non-resident bank. The last month for which the report has to be submitted shall be deemed the month in which the account with the non-resident bank was closed.

69. The resident shall be obliged to enclose the photocopies of the following documents to the report, which are component part of the report and remain at the National Bank of Moldova:
a) account statement for the reporting month, issued by the non-resident bank;
b) payment (cash collection) orders and other documents, based on which the records of operations reflected in the report were made in the account of the resident;
c) contracts and other justifying documents, based on which payments/transfers from the account were made.

70. The correspondence of the photocopies of the documents mentioned in item 69 with their originals shall be authenticated by the resident. For the authentication, the following wording shall be written on the photocopy "I declare on my own responsibility that the photocopy is identical with the original.".
In the case of resident legal entities, this wording shall be authenticated by the signature of the administrator (person authorized by him). In the case of resident individuals practicing a certain type of activity and individuals, this wording shall be authenticated by the signature of the relevant individual. In the event that according to the legislation of the Republic of Moldova, the resident has a stamp, this signature shall be certified by the stamp.

71. The information reflected in the report shall correspond to the information in the documents indicated in item 69.

72. In case of detection of discrepancies and/or errors in the report, the National Bank of Moldova has the right to request from residents repeated submission of the report with appropriate amendments and corrections.

 

Chapter VIII. Application of
sanctions to holders of the NBM authorisation

73. If the National Bank of Moldova finds violations of this Regulation and the requirements of the authorisation for opening an account abroad, the National Bank of Moldova may undertake the following measures to the holders of authorisations for opening an account abroad:
1) apply the following sanctions:
a) issue a written warning;
b) withdraw the authorisation;
2) apply remedial measures.

74. Finding of violations and application of sanctions and remedial measures shall be carried out in accordance with the provisions of Art.75-752 of the Law on the National Bank of Moldova no.548-XIII of 21.07.1995.

75. The holder of NBM authorisation shall be informed about the violations detected within the off-site control and shall be required to liquidate them. In case of disagreement with the relevant findings, the resident shall have the right, within 5 working days from the date of receiving the relevant information, to submit the written grounds of the disagreement, attaching the relevant documents.

76. The resident that is subject to the sanction in the form of a warning and /or remedial measures shall be obliged to notify in writing the National Bank of Moldova, within the prescribed period, about the liquidation of circumstances that led to the application of sanctions /remedial measures and, where applicable, to undertake other actions provided for by the decision on the application of sanctions /remedial measures and/or by this Regulation.

77. The resident shall attach to the notification referred to in item 76 the documents confirming the elimination of violations/causes that served as grounds for issuing the warning / application of remedial measures.

78. As grounds for the withdrawal of the NBM authorisation may serve, as follows:
a) unauthentic data detected in the documents submitted to obtain the NBM authorisation;
b) failure of the holder of the NBM authorisation to comply, within the prescribed period, with the requirements to eliminate the violations indicated in the warning /the document related to application of remedial measures.

79. In the event when the Council of Administration of the National Bank of Moldova decided to withdraw the authorisation for opening an account abroad, the National Bank of Moldova shall notify in writing the holder of the NBM authorisation by handing-over/ sending the relevant decision.

80. Within the term indicated in the decision on withdrawal of the NBM authorisation, the resident shall be obliged to close the account opened with the non-resident banks and to repatriate the account balance to the Republic of Moldova according to the provisions of Chapter VI.

81. The withdrawn NBM authorisation shall become invalid from the date specified in the decision of the National Bank of Moldova on withdrawal of the respective authorisation.

82. Within 10 working days from the date of the adoption of the decision on withdrawal of the NBM authorisation, the resident shall be obliged to submit the original of the NBM authorisation to the National Bank of Moldova.

83. Within 20 working days from the date prescribed for closing the account abroad, the resident shall be obliged to submit the documents indicated in item 56 to the National Bank of Moldova.

84. The withdrawal of the NBM authorisation shall not exempt the resident from the obligation to submit to the National Bank of Moldova the report for the month in which the account abroad was closed.