National Bank of Moldova fines Paynet Services MDL 1.7 million and orders remediation over AML and virtual asset transaction control breaches

The National Bank of Moldova published an enforcement update on sanctions imposed on non-bank payment service providers and e-money issuers following supervisory inspections, including a MDL 1.7 million fine and a cease-and-desist remediation order against Paynet Services SRL. The Executive Committee penalised Paynet Services for failing to take reasonable, adequate and risk-based measures to verify customers’ and partners’ beneficial owners, and for gaps in standard customer due diligence for some individual customers, including understanding the purpose and intended nature of the business relationship and obtaining supporting documents on the source of funds. The findings also covered controls around transactions involving virtual asset service providers authorised in other states, including not opening special accounts for resident individual customers making such transactions, allowing these transactions via Paynet payment accounts and a non-resident financial institution, and not implementing specialised IT solutions for enhanced monitoring, source-of-asset checks and transaction traceability. The decision is recorded as having been challenged via a prior request to the Executive Committee dated 28 November 2025. The update also lists a 2024 action in which the Executive Committee withdrew Fintecly SRL’s licence for failure to comply with a National Bank of Moldova prescription, failure to meet licensing conditions throughout the licence term, and failure to provide information to the supervisor.