Blocked Accounts for Ukrainians in Moldova – Updating Data in Moldovan Banks
Annual Data Update Requirements
Updating data in Moldovan banks is an annual requirement for all account holders, including both residents and non-residents, such as Ukrainian citizens. Failure to comply with this requirement may result in account blockage. Examples from MAIB and ProCredit Bank illustrate the challenges and inconveniences faced by clients.
Issues with Data Updates for Ukrainians at MAIB
Recently, a client of MAIB shared a negative experience with the bank. A month ago, the client received a notification about the need to update their personal information. They visited the bank and completed the requested procedures. However, as a seafarer frequently on voyages, the client cannot regularly visit the bank.
This morning, while on a voyage, the client received an SMS stating:
“Salut! Accesul la produsele bancare maib a fost restrictionat! Actualizeaza-ti urgent datele personale la orice sucursala maib, pentru a utiliza serviciile maib.”
Translation: “Hello! Access to MAIB banking products has been restricted! Please urgently update your personal data at any MAIB branch to continue using MAIB services.”
Upon contacting the hotline in Chișinău, the client was informed that their data had not been synchronized and the account was blocked due to a missing form. The client insisted that during their bank visit a month earlier, no form was provided. Despite explanations about their specific profession, the bank employee stated that the card would remain blocked until the client personally visited the bank. Additionally, the bank requested the client’s Ukrainian Tax Identification Number (TIN).
MAIB also sends notifications via email, but these often end up in promotional or spam folders, making them easy to miss. Meanwhile, the bank’s app does not display any alerts regarding the need for data updates.
Notification from MAIB About Account Blocking
MAIB sends a formal letter if you fail to update your personal information. The letter states:
*”We regret to inform you that the deadline for updating your data and information in our database per the Client Questionnaire – Individual has expired.
To ensure you can continue using banking services and products without inconvenience or restrictions, please urgently visit the nearest MAIB branch to update your data and information.
Please note that if your data is not updated, MAIB reserves the right to refuse transactions and restrict your access to banking services and products in accordance with the legal provisions of Law No. 308/22.12.2017, Art. 5, and NBM Regulation No. 200/09.08.2018 on preventing money laundering and terrorism financing.”*
Issues with Data Updates at ProCredit Bank
ProCredit Bank, which provides accounts for Ukrainian seafarers, does not inform clients about the need for annual data verification. Many clients only learn about account blockage after it occurs, emphasizing the importance of proactive updates, especially for account holders who are on voyages or in another country on the “anniversary” of their account.
Why Moldovan Banks Request Ukrainian TINs
Starting in September 2024, Moldova will begin automatic tax information exchange with other countries, including Ukraine. This will include sharing data on non-residents’ bank accounts and their shares in legal entities. This measure is part of the Common Reporting Standard (CRS), an automatic tax information exchange system developed by the OECD. Hence, banks are requesting Ukrainian TINs during data updates.
Recommendations for Updating Data in Moldovan Banks
- Plan Updates in Advance: Especially if you are often on voyages or traveling.
- Verify Your Information: Ensure that your contact details and address are up-to-date in the bank’s system.
- Understand Verification Rules: Residents may complete online verification at MAIB, but this option is not available to Ukrainian citizens, adding further challenges.
Conclusion
The negative experiences of MAIB and ProCredit Bank clients highlight the need for improved data update procedures in Moldovan banks. Enhancing these processes is crucial to ensure convenience and reliability for all clients, regardless of their residence or profession. Banks are encouraged to revise their current practices and implement more flexible and automated solutions for data updates.
If your account in Moldova is blocked, consider opening an account in a Romanian or Polish bank as an alternative.