The article is a continuation of the research initiated by the author on corporate governance challenges for the stability of the banking system and destabilizing effects of weak corporate governance structures within banking institutions in the Republic of Moldova. The article has the purpose to identify weaknesses in corporate governance arrangements in the current banking system and presents the main recommendations for eliminating these deficiencies. In order to achieve this goal was performed an analysis of the legislation that regulates the banking system and of the corporate governance code currently in place. Despite some progress on implementing recommendations of the International Monetary Fund and the reported satisfactory performance of banks, the following deficiencies of corporate governance in the banking system were identified: opaque shareholders’ structures and the issue of ultimate beneficial owners disclosure; deficient quality of bank boards; the current corporate governance code does not consider essential elements recommended by the Basel Committee; the lack of a consistent concept on corporate governance in the banking system in Moldova aligned with Basel Committee's recommendations