Crypto ATM / kiosk operator in Moldova

Law No. 308 of 22 December 2017 on preventing and combating money laundering and terrorist financing (Legea Nr. 308 din 22.12.2017 privind prevenirea și combaterea spălării banilor și finanțării terorismului):

Crucially, this law was amended to include VASPs as "reporting entities" (subiecți raportori) following the adoption of Law No. 182.

Law No. 182 of 21 July 2022 on the regulation of virtual assets (Legea Nr. 182 din 21.07.2022 privind reglementarea activelor virtuale):

It transposed relevant provisions of the EU's 5th AML Directive (5AMLD) concerning virtual assets and aligns with FATF Recommendation 15 on new technologies.

Key aspects of Law No. 182:

Defines "virtual assets" and "virtual asset service providers" (VASPs).

Establishes a licensing regime for VASPs.

Designates the National Bank of Moldova (BNM) as the supervisory authority for VASPs.

Mandates VASPs to comply with AML/CFT obligations as per Law No. 308.

Natural Persons: Obtain and verify the customer's name, date of birth, address, and an identification number (e.g., passport, ID card number). Verification must be based on reliable, independent source documents, data, or information.

Legal Entities: Obtain and verify the legal entity's name, legal form, address, registration number, and the names of directors/authorized persons.

Beneficial Ownership (UBO): Identify and verify the identity of the ultimate beneficial owner(s) of the customer, understanding the ownership and control structure.

Purpose and Intended Nature of the Business Relationship: Understand the reasons for the customer's transactions and the expected activity.

Ongoing Monitoring: Continuously monitor the business relationship and transactions to ensure they are consistent with the VASP's knowledge of the customer, their business, and risk profile. This includes scrutinizing transactions to ensure they are not suspicious.

Risk-Based Approach (RBA):

VASPs must classify customers and transactions based on their assessed AML/CFT risk (low, medium, high).

Enhanced Due Diligence (EDD): Must be applied in higher-risk situations, including:

Transactions involving politically exposed persons (PEPs).

Complex, unusually large transactions, or unusual patterns of transactions.

It defines the general obligations for reporting entities, the role of the Financial Intelligence Unit (FIU), and the overall framework for AML/CFT compliance.

Moldova has already made notable improvements to its AML/CFT regime and is now in a phase of further enhancement and risk mitigation, with international partners calling for continued strengthening rather than initial framework development.

Regulator: National Bank of Moldova (BNM), General Prosecutor's Office, Financial Intelligence Unit (FIU), National Anticorruption Center (CNA).

Outcome: A new regulatory framework for VASPs, requiring registration, AML/CFT compliance, and supervision, will come into effect in mid-2024. This sets the stage for future enforcement actions.

Criminal Investigations Involving Cryptocurrency:

Example (Illustrative of typical criminal reporting, not a specific crypto-focused regulatory action): News reports from Moldovan outlets (like IPN, Jurnal TV, Pro TV Chișinău) occasionally mention arrests related to fraud or illicit schemes where crypto is involved. However, these are criminal prosecutions, not regulatory actions against a VASP. Finding a direct, publicly reported case with all the requested details specific to crypto-related enforcement is challenging.