The new order requires exchange offices to implement an internal control system and appoint a responsible employee to ensure compliance with the rules. This is necessary to detect and prevent financial crimes.
The introduction of new rules was prompted by updates to the legislation on anti-money laundering in 2025 and the adoption of new decisions by the country's government.
Kyrgyzstan is aligning with the standards of the FATF, an international organization that develops rules to combat financial crimes and "dirty" money.
Thus, the new requirements for exchange offices are part of a broader strategy to increase transparency in the financial market and reduce the risks of using cash in illegal schemes.
According to the new rules, exchange offices are required to:
- implement an internal control system and appoint a responsible employee;
- verify clients and their documents, and if necessary, the source of the funds;
- pay special attention to large and unusual transactions;
- identify suspicious operations and notify the relevant authorities;
- store data on transactions and clients for at least five years;
- enhance control over high-risk operations.
In case of reasonable suspicion, the exchange office must suspend the operation and report it to the financial intelligence unit.
For most clients, the currency exchange process will remain standard. However, when conducting large operations or unusual transactions, employees may request additional documents.
The new rules will come into effect 15 days after their official publication. Since the document was published on December 30, the new requirements will take effect on January 14, immediately after the New Year holidays.
