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06.09.2013

Regulation on credit transfer, approved by the DCA of the NBM, No. 157 of August 1, 2013

Note: The translation is unofficial, for information purpose only

Published in the Official Monitor of the Republic of Moldovano.191-197, of 6 September, 2013, Article 1370,

Registered
at Ministry of Justice
of the Republic of Moldova
No.936 of 30 August, 2013

Approved
by the Decision of the Council of Administration
of the National Bank of Moldova
no.157 of  1 August, 2013
Effective Date: 15 September, 2013

REGULATION
ON CREDIT TRANSFER

Amended by:

DCA of the NBM, no.190 of September 25, 2014, Official Monitor of the Republic of Moldova no. 325-332/1530 of October 31, 2014
DCA of the NBM, no.56 of March 05, 2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, effective from 01.01.2016
DEB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no. 184-192/01.07.2016, in force as of 01.08.2016

 

Chapter I 
General provisions

1. The object of the Regulation on credit transfer (hereinafter the Regulation) is the regulation of the procedure of credit transfer execution by the payment service providers and other participants in the automated interbank payment system.
[Item 1 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

2. For the purpose of this Regulation, the following definitions shall be applied:
Payment service provider - licensed bank and non-bank payment service provider that have the right to provide payment services under Articles 4 and 7 of Law no. 114 of 18 May 2012 on payment services and electronic money (hereinafter the Law).
Non-bank payment service provider - payment institution, postal operator as provider of payment services, electronic money institution as payment service provider.
Beneficiary of the payment - the person who receives the funds that were the subject of a credit transfer payment transaction.
Settlement date – date on which obligations with respect to the transfer of funds are discharged between the paying provider and beneficiary provider. 
Intermediary provider – payment service provider that is neither that of payer nor that of the beneficiary and that performs the credit transfer.
Paying provider - payment service provider that carries out the credit transfer based on the payment order.
Beneficiary provider - payment service provider that accomplishes the credit transfer by performing the relevant operations.
BBAN code (Basic Bank Account Number) – an alphanumeric string of characters that uniquely identifies at the national level the customer’s account opened with a bank.
IBAN code (International Bank Account Number) – an alphanumeric string of characters that uniquely identifies at the international level the customer’s account opened with a bank.
Issuer shall mean the person issuing the payment order.
Payment order - the payment document of the payer addressed to the payment service provider for the execution of credit transfers.
Payer - the person holding a payment account and who authorizes the payment order (initiates or allows a payment order execution) from that payment account.
Credit transfer - a series of operations that begin with the payer’s initiation of a payment order and its transmission to the payment service provider for the purpose of providing to a beneficiary a certain amount of money. Credit transfer may be initiated on behalf of both the client of the payment service provider and directly by the payment service provider in its own name and on its own account.
Batch file transfers – several transfers ordered by a single payer to several beneficiaries, which are bundled together for transmission.
[Item 2 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

 

Chapter II
TYPES OF CREDIT TRANSFERS AND METHOD FOR THEIR USE 

3. Credit transfers may be performed both in national currency and in foreign currency, according to the provisions of legislative and normative acts in effect.

4. Depending on the request of the client of payment service provider, the credit transfer in national currency may be performed as a matter of urgency (urgent transfer) or ordinary (ordinary transfer).

5. Credit transfer may be executed by the paying provider on predetermined dates and in fixed amounts (prearranged transfer), on behalf of the account holder, according to the contractual provisions.

6. Credit transfer may be executed by the paying provider at a future payment date, in case of contractual arrangements between the parties in this respect. The maximum possible execution term shall be agreed between the payer and the payment service provider.

61. Participating payment service provider shall update the internal procedures in accordance with the amendments and supplements made to the normative acts in force.

 

Chapter III
Requirements on pre-contractual information, preparation and submission of payment order

7. Payment service providers shall meet the requirements on transparency of conditions and information requirements for payment services and requirements for corrective and preventive measures, according to the Law.

8. Upon the credit transfer execution, the issuer shall use the payment order template developed by the paying provider in compliance with the requirements set in this Regulation. Both the bank and the non-bank payment service provider may use the payment order template referred to in Annex no.5.
[Item 8 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 8 amended by the Decision of the EB of the NBM no. 158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

9. The payment order used for carrying out credit transfer both in national currency and foreign currency shall contain the mandatory elements specified in Annex no.2 and, respective, in Annex no.3, submitted on paper or electronically transmitted through remote banking systems to the paying bank or through other electronic payment systems to the non-bank payment service provider.  In case of credit transfer in foreign currency, in addition to the mandatory elements specified in Annex no.3, paying provider shall communicate to beneficiary provider the following mandatory data: settlement date of credit transfer, reference number of the credit transfer of the paying provider.  

91. Once the mandatory elements specified in Annex no.2/Annex no.3 are available in electronic form, payment transactions shall allow for a fully automated, electronic processing in all process stages throughout the payment chain (straight through processing), enabling the entire payment process to be conducted electronically without the need for re-keying or manual intervention.

10. The filling-in procedure of the payment order used for the performance of credit transfers, designated for transferring funds to / from national public budget, shall be regulated by the Ministry of Finance in compliance with the requirements laid down in this Regulation.

11. The payment order shall be issued in the state language. Upon issuing the payment order for credit transfer in foreign currency, the elements used within international payments systems shall be filled out in a foreign language, according to the international practice. No corrections /erasures shall be admitted in the payment order.
[Item 11 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]

12. The issuer shall bear all responsibility for the authenticity and accuracy of data indicated in the payment order.

13. The payment order on paper shall be presented to the paying provider in the number of copies required by the parties.

14. The payment order shall be submitted / transmitted for execution to the paying provider by the issuer or by the issuer's authorized person on the day it was issued; in case the payment order was issued by the State Treasury Unit, it shall be submitted for execution to the paying provider on the day it was issued within the current budgetary year.

15. The payer may not revoke the payment order after the time it was received by the paying provider in compliance with the requirements set out in Article 62 of the Law.

16. Payment service provider shall be obliged to respect the rights of users of payment services and its obligations related to the credit transfers in accordance with the requirements of Chapter V of the Law.

 

Chapter IV
Payment order acceptance and execution  by the paying provider

17. The paying provider shall accept the payment order for execution if the following conditions are met:
a) the payer opened a payment account with the paying provider in accordance with  the legislative and normative acts in force;
b) funds held in payer's payment account are sufficient to carry out the transfer (unless the parties have agreed otherwise, in accordance with the contractual arrangements and applicable law);
c) no restrictions are applied by legally authorized bodies with regard to the use of funds held in the payment account of the payer;
d) the payment order is issued in compliance with the provisions of this Regulation and other applicable normative acts;
e) the supporting documents, authorizations, notifications and other documents (hereinafter - relevant documents) are submitted and verified by the payment service provider, if their presentation is provided for by the normative acts in force.

18. The moment of receipt of the payment order is considered the moment when the payment order transmitted directly by the payer is received by the paying provider. If the moment of receipt of the payment order is not a working day for the paying provider, the payment order shall be deemed received on the following working day.

19. The unaccepted payment order for execution shall be returned by the paying provider by notifying the payer about such refusal, indicating the reason for refusal and the procedure for correcting any errors that caused the refusal, in the manner agreed with the payer, in the shortest time, but not later than the end of the working day following that on which the payment order was received.

20. The paying provider shall inform the payer, in a manner agreed with the payer, about the acceptance or rejection of the payment order for execution.

21. Payment service provider may establish time limits near the end of the day after which any payment order received shall be deemed received on the following working day.

22. If the payer initiates a payment order and the paying provider agrees with that the execution of the payment order shall start a particular day (credit transfer at a future payment date) or at the end of a certain period (prearranged transfer), the receipt moment is considered the agreed day. If the agreed day is not a working day for the payment service provider, the payment order shall be considered received on the following working day.

23. The paying bank as payment service provider shall write off the amount specified in the payment order accepted for execution on the date it was received, complying with the requirements set out in items 18, 21, and 22, and shall send it on the date of execution, complying with the requirements described in item 26:
a) through the automated interbank payment system to the beneficiary bank;
b) through the bank's internal system to the beneficiary, if the payer and the beneficiary are served by the same bank;
c) through other system used by the bank for credit transfer in foreign currency.
The non-bank payment service provider shall write off the amount specified in the payment order accepted for execution on the date it was received, complying with the requirements set out in items 18, 21, and 22, and, as appropriate, shall send to it served bank on the date of execution, complying with the requirements described in item 26, relevant information related to the execution of the payment order to perform / initiate final settlement by this bank.
[Item 23 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]

24. The paying provider shall ensure that the electronic message accompanying the credit transfer includes, besides other information needed for its execution, the following information regarding the payer:
1) entity name/ first and last name;
2) IBAN code;
3) address or fiscal code (IDNO/IDNP), or date and place of birth (except for the payment order used for the credit transfers in national currency, where the “fiscal code” element is mandatory, in case the payer has a fiscal code).
[Item 24 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 24 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

241. In the case of batch file transfers ordered by a single payer to several beneficiaries, whose providers of payment services operate outside the Republic of Moldova, the provisions of item 24 shall not apply to individual batched transfers, provided that the batch file contains complete information on the payer as indicated in item 24 and individual transfers are accompanied by the payer's IBAN code.
[Item 241 inserted by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

25. The payment service provider shall prepare a schedule for receiving the payment orders both on paper, as well as through remote banking systems or other electronic systems. The payment service provider shall display the schedule for receiving the payment orders both on the panel in its offices and on its official website and shall be obligated to comply with it in relation with its clients.

26. The paying provider shall ensure that after the moment of receipt of the payment order, the amount of the payment transaction is credited to the beneficiary provider account at the latest to the end of the next working day.

27. The paying provider and the beneficiary provider shall meet the conditions of integrity of the amounts transferred under Article 63 of the Law.

28. The beneficiary provider shall assign the value date and shall ensure the amount layout of the payment transaction to the payment beneficiary immediately after crediting that amount in the account of the payment service provider of the payment beneficiary in accordance with Article 64 paragraph (2) and 67 paragraph (1) and paragraph (2) of the Law.

29. The paying provider shall accept and execute the payment order related to the urgent transfer in accordance with the conditions established and disclosed in advance to the payer. These conditions shall include at least the time limit within which the payment order shall be accepted and executed by the paying provider after its receipt from the client (the time needed for verification, authorization, write-off and its transmission to the beneficiary provider through the automated interbank payment system/other electronic systems or to the beneficiary through internal system of the payment service provider).

30. The paying provider shall disclose the conditions of execution of the payment order related to urgent transfer on its official website and on the office panel of the payment service provider, ensuring their update as they are amended.

31. Upon payer's request, the paying provider shall confirm, in the way agreed with the payer, the time of the transmission of the payment order related to the urgent transfer to the beneficiary provider through the automated interbank payment system/other electronic systems or to the beneficiary through the internal system of the payment service provider.

32. In order to carry out correctly and efficiently the acceptance and execution of payment order processes related to urgent credit transfers, the paying provider shall develop internal procedures regarding the stages of these processes, which are separately described for the payment orders received both on paper and through remote banking systems or other electronic systems (the receipt and verification, authorization, write-off and transmission of the payment order), the duration of each stage, as well as the actions taken by the persons involved in the processing of payment order stages.

33. The payment service provider shall implement an adequate control system for the monitoring of the processes of acceptance and execution of the payment order related to urgent credit transfers, and shall regularly verify the application of internal procedures related to these processes.

34. The payment service provider that is a bank shall report the performance and/or receipt of each transfer carried out via Swift, ensuring the delivery of the payment messages copies to the National Bank through SWIFT FINInform service, administrated by the National Bank.
[Item 34 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

35. In order to send the copies of the messages related to transfers carried out via Swift, the payment service provider that is a bank shall make the payment according to the tariffs set by SWIFT.
[Item 35 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

​36. The reporting to the National Bank of the transfers made and/or received by means of alternative SWIFT network methods of transmitting payment messages (fax, telex, etc.) shall be performed by the payment service provider that is a bank, not later than the next working day from the date when the transfer has been made and/or received, explaining the reasons of the use of alternative SWIFT network methods.
The payment service provider that is a bank shall record in a special register all technical problems of SWIFT network and the cases of other alternative communication methods usage.
[Item 36 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

361. Intermediary providers shall ensure that the information received on the payer accompanying the credit transfer are maintained with the respective transfer.
[Item 361 inserted by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

 

Chapter V
Peculiarities of bank's credit transfers of collected cash amounts

37.  When transferring cash amounts collected from individuals in favor of the national public budget or in favor of other beneficiary that does not have a relevant contract concluded with the paying bank, the paying bank shall issue payment orders for every cash collection order separately, following the due verification of attached relevant documents, if such submission of documents is provided for by effective normative acts.

38. The paying bank may issue a payment order in the total amount of all cash collection orders that include the same beneficiary's IBAN code, if such clause is stipulated in the relevant contract concluded with the beneficiary, and if the normative acts in effect do not provide otherwise.
[Item 38 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

​39. When transferring the amounts collected by legally authorized persons from individuals in favor of the national public budget, the paying bank shall issue a payment order for every cash collection order separately.

 

Chapter VI
Receipt of payment ORDER BY the beneficiary bank through the automated interbank payment system

40. After receiving the payment order from the paying bank through the automated interbank payment system, the beneficiary bank shall control the accuracy of the beneficiary's IBAN code and the fiscal code indicated therein in the same working day.
[Item 40 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 40 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

41. If the beneficiary's IBAN code, and fiscal code indicated in the payment order are correct, the credit transfer shall be considered finalized and the beneficiary bank shall:
a) immediately place the funds in the beneficiary's bank account;
b) submit / transmit to the beneficiary the payment order on paper or electronically, if the agreement (written) between the parties does not provide otherwise.
[Item 41 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 41 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

42. If the beneficiary bank founds that the IBAN code is indicated incorrectly in the payment order received from the paying bank, and /or fiscal code or  IBAN code of the beneficiary is not indicated, the credit transfer shall be considered as incomplete.
[Item 42 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 42 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

43. If the credit transfer is not finalized, the beneficiary bank shall return to the paying bank the relevant amount not later than the next working day following the date it was received, issuing a payment order according to the Annex no.2. The payment order issued by the beneficiary bank shall include the relevant transaction code and reference to the payment order transmitted erroneously by the paying bank.

 

Chapter VII
Requirements on the organization of the framework regarding the prevention and combat of money laundering and terrorism financing in the context of credit transfer finality

44. Upon the receipt of an electronic message accompanying a credit transfer, in national or foreign currency, the beneficiary provider shall verify whether the message contains full information on the identity of the payer, as stated in item 24.

441. If the beneficiary provider founds that the information on payer provided under item 24 is missing or is incomplete, it shall reject the transfer or require complete information on the payer.

442. In the case of batch file transfers for which payment services provider operates outside the Republic of Moldova, the complete information on the payer referred to in item 44 shall be indicated only for batch file transfers, but not for individual transfers bundled together therein.
[Items 441-442 inserted by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

45. The beneficiary provider shall consider the lack of full information on the payer as a factor in assessing the potential suspicious nature of the respective credit transfer.

46. The beneficiary provider shall assess the potential suspicious nature of the credit transfer, which message contains incomplete information on the payer, according to the criteria it establishes for that purpose in its internal procedures.

47. If after the application of the established criteria, it is determined the suspicious nature of the respective credit transfer, the beneficiary provider shall take necessary actions in accordance with the normative acts in force on preventing and combating money maundering and terrorism financing.

471. If the provider of payment services regularly fails to provide the required information on the payer, the provider of payment services of the beneficiary shall take measures that may consist, first, of warnings and setting deadlines, before either rejecting any future credit transfer from this provider of payment services or deciding, where necessary, to restrict or terminate the business relations with this provider of payment services.
 [Item 471 inserted by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

 

Chapter VIII
Record keeping

48. In the event of a credit transfer based on a payment order on paper, as well as in the event of a credit transfer performed by the payment service provider in its own name and on its own account, a copy of the payment order (legally certified with the signatures of persons entitled with the signature right and with the necessary stamps) shall be included in the file by the paying bank.

49. In the event of a credit transfer based on a payment order electronically transmitted by the payer through remote banking systems or other electronic systems, the payment service provider shall daily prepare a Register of payment orders related to the received transactions, which shall be independently determined by the payment service provider and which shall include, at least the following mandatory elements:
a) payment order number;
b) transaction code;
c) amount of the transaction;
d) transaction currency;
e) date and time of receipt of the payment order;
f) transfer type (ordinary/urgent);
g) identification data of the payer and beneficiary;
h) payment destination.

50. The elaborated Register shall be legally certified with the stamp and signature of the authorized persons of the payment service provider and shall be included in its operational daily file.

 

Chapter IX
peculiarities of IBAN code utilization
by the licensed banks AND OTHER PARTICIPANTS IN THE AUTOMATED INTERBNAK PAYMENT SYSTEM

51. Banks and other participants in the automated interbank payment system referred to in sub-item 2.5 letters a), c), d) and f) of the Regulation on the automated interbank payment system, approved by the Decision of the Council of administration of the National Bank of Moldova no.53 of 2 March 2006 (Official Monitor of the Republic of Moldova, 2006, no.39-42, Article 144) will generate/use IBAN codes for their clients’ accounts when performing/ receiving credit transfers. Banks and other participants in the automated interbank payment system may generate and use IBAN codes on their behalf and on own account when performing/receiving credit transfers.
[Item 51 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 51 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

52. Banks and other participants in the automated interbank payment system referred to in item 51 of this Regulation are responsible to accurately generate the IBAN codes, which shall correspond to their clients’ accounts, and to communicate them to their clients free of charge.
[Item 52 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

53. In the Republic of Moldova, the IBAN codes assigned by banks to their clients’ accounts shall represent a series of 24 alphanumeric characters with the following meaning:
a) the first two (alphabetic) characters – represent the country code according to ISO 3166 (“MD” for Republic of Moldova);
b) the next two (numeric) characters – represent the check code (calculated according to the international standard MOD 97-10, ISO-7064);
c) the next twenty (alphanumeric) characters – represent the identifier of the bank and other participants in the automated interbank payment system referred to in item 51 of this Regulation (2 characters), assigned by the National Bank of Moldova according to the provisions of item 54, followed by the identifier of the client served by the bank and by other participants in the automated interbank payment system referred to in item 51 of this Regulation (18 characters), containing the client’s account opened with the bank and, where necessary, other elements necessary to identify the client: currency code, branch code, etc. (BBAN code). If the client identifier is shorter than 18 characters, the missing characters shall be replaced with zeros and shall be placed before the identifier;
[Item 53 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 53 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

54. The identifier of bank and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall consist of the first two symbols of its BIC code (identification code assigned to the bank and other participants in the automated interbank payment system referred to in item 51 of this Regulation by the SWIFT society). If the first two symbols of the BIC code are identical for two or several banks or other participants in the automated interbank payment system referred to in item 51 of this Regulation, the identifier shall be formed by the first and the third character of BIC code.
[Item 54 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

55. The characters used in the IBAN codes structure may be only capital letters of the Latin alphabet (from A to Z) and Arabic numerals (from 0 to 9).

56. The banks and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall use the list of identifiers posted on the official website of the National Bank of Moldova when assigning the IBAN codes to its clients’ accounts.
[Item 56 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

57. The IBAN code in electronic format shall not contain separator characters or spaces. In payment documents submitted on paper, the IBAN code may be represented in groups of four characters, each of group being separated by space.

58. The banks and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall verify the accuracy of IBAN codes indicated in payment orders of the credit transfers performed​/received before their execution.
[Item 58 amended by the Decision of the CA of the NBM no.56 of 05.03.2015, Official Monitor of the Republic of Moldova no.94-97/17.04.2015, Art.681]
[Item 58 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

59. When performing the international credit transfer in foreign currency to a beneficiary that does not hold an IBAN code, the paying bank and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall verify the accuracy of IBAN code of the payer indicated in the payment order. If following the verification, it is detected that the IBAN code of the payer is incorrect, the bank and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall return the related payment order, notifying the payer and indicating the reason for refusal.
[Item 59 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

60. When performing international credit transfers in foreign currency to beneficiary that holds an IBAN code, the paying bank shall verify the accuracy of the IBAN code of the payer and the beneficiary. If following the verification, it is detected that at least one of the IBAN codes is incorrect, the bank shall return the related payment order, notifying the payer and indicating the reason for refusal.

61. When receiving international credit transfers in foreign currency, the bank shall verify the accuracy of the beneficiary’s IBAN code. If following the verification some insignificant errors of the IBAN code are identified and it is detected that the IBAN code belongs to the beneficiary of the transfer, without necessity to perform further investigations, the bank shall perform the international credit transfer in foreign currency not later than the next day of its receipt.
If following the verification, it is detected that the beneficiary’s IBAN code is incorrect and it is necessary to obtain additional information related this transfer, or in case it is missing, the bank shall conduct an investigation according to its internal procedures at most within 5 working days and if it detected that the IBAN code belongs to the beneficiary, the bank shall place the funds on the beneficiary’s account, no later than the next working day of the investigation period. If following the investigation carried out, it is detected that the IBAN code does not belong to the beneficiary, the bank shall return the payment order not later than the next working day of the investigation period.
The bank is obliged to undertake all reasonable measures in order to avoid the delay of the investigation process, so that the payment order for the international credit transfer in foreign currency to be performed or returned as soon as possible.

62. In order to calculate the check code included in the IBAN code, the banks and other participants in the automated interbank payment system referred to in item 51 of this Regulation shall apply the procedure described in Annex no. 4.
[Item 62 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

63. Banks and other participants in the automated interbank payment system referred to in item 51 of this Regulation are obliged to validate IBAN codes indicated in payment orders, using the validation method presented in Annex no.4.
[Item 63 amended by the Decision of the EB of the NBM no.158 of 16.06.2016, Official Monitor of the Republic of Moldova no.184-192/01.07.2016, Article 1151]

 

Annexes

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