In Kyrgyzstan, the National Bank has tightened the regulations regarding operations in exchange offices. Now, for certain transactions, it will be necessary to provide documents confirming the source of the funds, according to information from the press service of the National Bank of the Kyrgyz Republic.
The main goal of these changes is to combat the financing of criminal activities and the legalization of illegal income.
Key provisions of the National Bank's board resolution include:
When conducting one or more related transactions amounting from 100,000 soms to 1 million soms, it is necessary to verify the identity of the client using documents such as a passport, military ID, driver's license, or residence permit (for foreigners). Employees of exchange offices are required to record information about foreign currency transactions if their amount is 100,000 soms or more. For certain clients, including national and foreign public figures, it is necessary to verify the source of the funds. Employees of exchange points must check clients against the sanctions lists of Kyrgyzstan and the UN Security Council. If a transaction falls into the high-risk category, additional documents will be required, as well as obtaining the consent of the exchange point manager to proceed with it. Suspicious transactions must be reported to the Financial Intelligence Unit.
These changes will come into effect in mid-January.
