The regulatory and supervisory authority for the financial market has announced the introduction of a new order regarding the selection of an AML/KYT service provider. This document, titled "On the Determination of the AML/KYT Service Provider and Ensuring Compliance with Customer Identification Requirements and Conducting AML/KYT Control," aims to strengthen oversight of transactions involving virtual assets and enhance transparency in the financial sector.
According to information provided by the service, this initiative is aimed at combating the legalization of income obtained through criminal means, as well as preventing the financing of terrorism. This decision is part of the state policy to create a unified digital monitoring system.
According to the order, "Ranex" has been approved as the sole provider of AML/KYT services for all virtual asset service providers (VASPs) in the Kyrgyz Republic.
In accordance with the new requirements:
- VASPs must carry out identification and remote identification of clients, as well as verification of their data. In addition, they are required to conduct mandatory AML/KYT checks on all transactions and cryptocurrency wallets through the "Ranex" system;
- It is recommended to use external analytical tools for deeper analysis of operations;
- Compliance with these requirements will be part of the work to create a national transaction analysis system and implement a risk-oriented approach to monitoring virtual assets.
