The National Bank is introducing new measures to combat crime and money laundering.
In the Kyrgyz Republic, there is an increased control in commercial banks over operations with Russian rubles. This has become possible due to a recent resolution adopted by the National Bank.
According to the decision of the bank's management, financial institutions must enhance their control over foreign currency transactions, particularly with Russian banknotes. This is necessary for the effective implementation of legislation aimed at combating the financing of criminal activities and laundering illegally obtained funds.
Now, commercial banks are required to provide the National Bank with information about clients conducting cash transactions in Russian rubles if the amount exceeds 5 million rubles, on a daily basis. This data must be submitted no later than 11 a.m. the following day after the reporting day.
The responsibility for compliance with this resolution lies with the management of each commercial bank.
The information provided must include, among other things, a complete history of transactions of clients—both individuals and legal entities, residents and non-residents—across all accounts, including term, settlement, and current accounts, as well as cash exchange operations (both with account opening and without).
This resolution came into effect on March 1, 2023, and will remain in force until March 1, 2027.
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