Moldova Tightens AML Regulations for Crypto, Soccer, Luxury Goods
Moldova is set to tighten its anti-money laundering (AML) regulations, affecting various industries including cryptocurrency, soccer, and luxury goods. The bill, drafted by the Service for the Prevention and Combating of Money Laundering, aims to strengthen checks on transactions involving cryptoassets, politically exposed persons, and high-risk countries.
The proposed law requires financial institutions, banks, and crypto service providers to verify customers, beneficial owners, and executives, taking into account the level of risk. Anonymous accounts will be prohibited, and tools that conceal ownership or transactions will be banned.
The bill also introduces stricter requirements for branches and subsidiaries of Moldovan organizations operating in countries with less stringent AML standards. The authorities plan to enhance risk assessment and data collection to evaluate the effectiveness of the national system for combating money laundering and terrorist financing.