Applicable legal framework
The Code of Ethics and Professional Conduct of the National Bank of Moldova
In the exercise of their duties, employees respect and apply the values of the National Bank as approved in the strategic plan, develop, and apply competencies in accordance with internal regulations, and follow the principles of the Code of Ethics and Professional Conduct: legality; professional integrity; diversity, equity, and inclusion; independence; professionalism; loyalty; social and environmental responsibility.
Rules of Ethics and Professional Conduct
The Code of Ethics and Conduct establishes the norms of professional ethics:
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Conflicts of interest
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Incompatibilities, hierarchy restrictions, and advertising limitations
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Undue influences
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Legal regime for the declaration of assets and personal interests
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Gifts
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Procurement
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External and international relations
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Internal relations
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Protective measures
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Use of National Bank resources
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Dress code, badge
The Code of Ethics and Professional Conduct regulates the manner of conducting personal financial transactions and external activities of employees.
The Code of Ethics and Conduct establishes responsibilities for violating provisions and rules of professional ethics, including the procedures for documenting and reviewing such violations by the Ethics Committee and the compliance function.
Code of Ethics and Professional Conduct
Integrity Whistleblowing
The National Bank has established a system for disclosing illegal practices, which includes the approval of the Regulation on Whistleblowers and the Regulation on the Specialized Anti-Corruption Hotline.
The Regulation on Whistleblowers outlines the process for disclosing illegal practices, the obligations of the parties involved, reporting, and examining illegal practices, protecting whistleblowers, and sanctioning violations.
The Specialized Anti-Corruption Hotline is set up to receive information regarding acts of corruption, related corrupt acts, or instances of corrupt behavior by employees of the National Bank and members of its governing bodies. The anti-corruption hotline operates based on the principles of confidentiality, openness to citizens, cooperation, and accessibility in accordance with the Regulation on the Specialized Anti-Corruption Hotline and Law No. 252/2013 for the approval of the Regulation on the operation of the anti-corruption hotline system. Contact information for the Specialized Anti-Corruption Hotline can be found in the Contact Information section.
Anti-Fraud Policy
The National Bank's Anti-Fraud Policy promotes awareness and management of fraud risk.
The purpose of this policy is to identify areas of activity vulnerable to fraud risk and to implement appropriate control measures at all levels of the National Bank, contributing to the prevention and detection of fraud, the monitoring of fraud risk, and the promotion of consistent organizational conduct. The Anti-Fraud Policy also establishes the conditions for conducting investigations related to the prevention and examination of suspected fraud.
The implementation of the Anti-Fraud Policy, training of personnel on fraud risks and their management, the reporting of suspected fraud, and the assessment of fraud risks as part of the operational risk self-assessment in business processes—all of these contribute to building and strengthening an anti-fraud culture. This culture discourages potential perpetrators and reinforces the National Bank staff’s commitment to combating fraud. The responsibility of the entire National Bank staff is crucial in creating an environment conducive to raising awareness of fraud risks and consequences.
The National Bank's management bodies promote a zero-tolerance policy toward fraud and corruption.
Measures to Combat Money Laundering and Terrorism Financing
The National Bank has implemented internal regulations aligned with international standards to prevent and combat money laundering and terrorism financing in its operations. The objective of these regulations is to prevent the National Bank from being involved in operations or activities that pose a risk of money laundering or terrorism financing, and to establish requirements for the organization, implementation, and monitoring of compliance by the Bank’s divisions with measures for preventing and combating money laundering and terrorism financing.
Information Security Policy
The Information Security Policy of the National Bank establishes the general organizational framework to ensure the achievement of objectives related to information security and cybersecurity within the National Bank.
Business Continuity Policy
The primary objective of the Business Continuity Policy is to ensure the efficient management of events that may affect the continuity of the National Bank's activities, should such events occur. Additionally, the policy aims to ensure the uninterrupted operation of business processes, the availability of information, and the continuity of service delivery, the minimization of financial losses and negative effects that may occur as a result of continuity incidents.
Personal Data Protection Policy
The objective of the Personal Data Protection Policy is to ensure the processing and protection of personal data within the National Bank in accordance with applicable legislation.
Public Access to National Bank's Regulations, Statistics, and Publications
Public access to the National Bank's regulations (www.bnm.md/Legislation), statistics, and publications ensures a higher degree of transparency while respecting the independence and confidentiality of certain aspects related to the National Bank's duties. The publication of various data and analyses related to the National Bank's responsibilities, as well as promoting an open relationship with target groups, are key aspects of the bank's external communication.
Access to information held by the National Bank is regulated by Law No. 148/2023 on access to public information, Article 36 of Law No. 548/1995 on the National Bank of Moldova, Articles 126-135 of Law No. 202/2017 on banking activity, and Article 103 of Law No. 114/2012 on payment services and electronic money.
The National Bank places great emphasis on feedback within its communication framework. By regularly and frequently conveying messages, the National Bank provides necessary explanations regarding its activities and the functioning of the banking sector (www.bnm.md/Media). The operation of an interactive database on the National Bank's website ensures public access to information, data, and analyses, aiming to provide accurate, up-to-date, clear, and transparent information to shape public opinion on the National Bank's decisions and facilitate various studies and research (www.bnm.md/Statistici/Research).
