As part of the proposed project, changes are planned in 15 key regulatory documents covering almost all aspects of the country's financial market:
1. Rules for Conducting Money Transfers via Money Transfer Systems (2009)
2. Regulations on Banking Agency Agreements for Retail Services (2010)
3. Minimum Requirements for Remote Banking Services (2015)
4. Policy on Oversight of the Payment System of the Kyrgyz Republic (2015)
5. Regulations on Bank Payment Cards (2015)
6. Regulations on Real-Time Gross Settlement (2015)
7. Regulations on Licensing Payment Organizations and Payment System Operators (2019)
8. Regulations on the Regulation of Activities of Payment Organizations and Payment System Operators (2019)
9. Measures of Influence on Payment Organizations and Payment System Operators (2019)
10. Rules for Conducting Payments via QR Codes (2019)
11. Requirements for Internal Control in Payment Organizations for AML/CFT (2020)
12. Rules for Oversight of the Payment System of the Kyrgyz Republic (2021)
13. Regulations on Electronic Money (2022)
14. Regulation of Financial Marketplaces with Open APIs (2022)
15. Procedure for Providing Services Related to Virtual Assets (2023)
“All proposed changes are aimed at strengthening measures against the legalization of criminal proceeds and the financing of terrorism (AML/CFT) in accordance with international FATF standards and the updated recommendations of the Eurasian Group (EAG),” the draft states.
The discussion of this project will last until December 13, 2025.
