IBAN Implementation for Payments in MDL

In accordance with the decision of the Administrative Council of the National Bank of Moldova № 190 from 25.09.2014, effective from January 1, 2016, commercial banks of the Republic of Moldova are required to generate and use the IBAN codes (International Bank Account Number) for the accounts of their customers when making or receiving transfers (payments) in the national currency.

The above decision is part of the implementation of the Concept of optimization of national transfers adopted by the National Bank. The introduction of IBAN codes is dictated by the need to apply international standards for bank accounts and aim to optimize the procedure of bank transfers.

In order to adjust and use the IBAN codes there has been given a transitional period until January 1, 2017, during which the banks and other institutions will accept payment documents with IBAN codes, as well as relevant documents in the form adopted before the introduction of IBAN Codes.

It is important to know that the adjustment period does not apply budgetary payments. Starting from January 1, 2016 all budgetary payments will be made only by using the IBAN codes. In this regard, in addition to the current form of the payment orders in MDL, starting with January 1, 2016 there are introduced new forms for the budget payments and payments using IBAN codes for sender, as well as recipient.

The IBAN code contains 24 alphanumeric characters identifying a unique customer's account at a banking institution recognized internationally. IBAN codes have the following meaning:

  • the first two characters (letters) - are the country code according to ISO 3166 ("MD" for the Republic of Moldova);
  • the next two characters (digital) - represent the check bit (calculated in accordance with the international standard MOD 97- 10, ISO-7064);
  • the next two characters (alphanumeric) - are the bank identifier assigned by the National Bank of Moldova;
  • next eighteen characters (alphanumeric) - are the bank’s client identifier.

In order to check an IBAN code, one can visit the Ministry of Finance webpage: www.mf.gov.md, and select the code according to its economic classification, the area in which the taxpayer is registered, and statistical code of the settlement of the taxpayer, according to the classifier of administrative-territorial units (CATUM).

In addition to this official source, most banks provide on their websites a special service that would generate the required IBAN Code.


Legal and Tax Aspects of the Electronic Payments

On December 12, 2017, a seminar on "Legal and Tax Aspects of the Electronic Payments" took place thanks to the joint efforts of the consulting company Brodsky Uskov Looper Reed & Partners and the Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP).

Implementation of IBAN Registry

In accordance with the Concept of optimization of national transfers, approved by the Governing Board of the National Bank of Moldova № 138 of July 24, 2014, starting with January 1, 2016 the national transfers to the national public budget will be carried out using IBAN codes.

Law no 128 on Completion of Certain Legislative Acts

Approval of the legal framework and the establishment of a procedure to stop global illegal financial activities. Act of Parliament on amendments to some legislative acts No. 128 as of 08.06.2012.

  • Law on Entrepreneurship and Enterprises No.845 of 01.03.1992

  • Criminal Code No. 958 as of 18.04.2002

  • Law on Micro-Finance Organizations No 280 as of 22.07.2004

  • Code of Offences of the Republic of Moldova as of 24.10.2008 No. 218, 218

Important Update on Regulation on the Inventory

Approval of the new order of the inventory (Order of the Ministry of Finance to approve the Regulations on the inventory № 60 from 29/05/2012)

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