In accordance with the "Basel III Implementation Strategy in the Banking Sector of the Republic of Moldova in the Context of the European Legislation" (approved on April 7, 2016), the National Bank of Moldova continued in 2017 the reforms aimed at developing the legal framework in the field banking system and its adjustment to EU directives to ensure better bank governance and risk management processes, risk capital adequacy and liquidity risk assessment.

During the years 2016-2017, a number of important laws were approved, such as the Banking Act, which entered into force on 1 January 2018, the Law on the Recovery and Resolution of the Banks, the Law on the Single Central Depository of Values Securities and over 20 secondary regulations to ensure the transposition of the aforementioned laws and the European regulatory framework for banks. The new Law on prevention and combating money laundering, which transposes the provisions of the European Directive on prevention and combating money laundering, which came into force in the EU on 27 June 2017, was approved.

Aware of the fact that the investment in training is the best-performing investment, the Moldovan Banks Association, in order to support banks in complying with the new reforming processes promoted by the National Bank of Moldova in the banking system during 2017, has supported the banks in staff development and capacity building and professional skills of employees in the banking sector.

Taking into account the training needs of the employees of the banks, arising from the requirements imposed by the new regulations, the Moldovan Banks Association of has been continuously concerned with the identification of training opportunities.

Thanks to a long-lasting partnership with the Luxembourg House of Training, the moldovan banks employees benefited from training provided by European experts in banking, these trainings take place both in Chisinau and in Luxembourg. In 2017, over 150 employees were trained in five seminars organized in Chisinau with the support of the Luxembourg House of Training. ABM also provided support to banks for the participation of about 50 bank employees in multinational training programs, including at a distance, organized in Luxembourg by the House of Training.

The Moldovan Banks Association has also an intense collaboration with other partners, such as the Romanian Banking Institute, the Banks Association of Turkey, the Delloite Romania Audit Company, and other relevant institutions.

In this way, we sincerely thank our development partners for their efforts in organizing seminars and training programs, as well as in selecting the best professional and financial sector practitioners who have shared their knowledge in various fields.

Over the course of the year in the 12 seminars organized about 450 employees from different fields of banking activity were trained.

Taking into account the banks' training needs related to the implementation of the new banking regulations and reforms, the themes of the seminars were: implementation of the new requirements of the Basel III Agreement; strategic asset and liability management; the application in practice of International Financial Reporting Standards (IFRS 9); corporate governance of financial institutions; risk evaluation; conformity; preventing and combating money laundering; streamlining the lending activity of corporate clients; selling and negotiation techniques used in the banking, retail banking and many more.

We have the full confidence that the knowledge accumulated by participants in training sessions will be of real use in day-to-day work and will facilitate the implementation of new Basel III standards, International Financial Reporting Standards and other requirements within Moldovan banks, will contribute to the development and diversification of the banking services provided, attracting new clients and improving the quality of the services provided.

The training activities organized by the Association of Moldovan Banks through the Banking and Banking Consulting and Training Center "ABM - Consulting" have been very successful and have been highly appreciated by the participants in the seminars, given that they have responded to expectations and have met their training needs.

It is important to note that the seminar moderators also highly appreciated the knowledge of the Moldovan banking sector in the areas in which they were trained.

January 10, 2018