In accordance with this decree, within three months, the National Bank of Kyrgyzstan is required to review and update the regulations concerning the activities of Kyrgyz banks abroad.
The National Bank must also develop requirements for the annual capitalization of banks operating overseas to ensure their stable and secure functioning, as well as present proposals to the government for legislative changes to implement this decree.
The decree also includes recommendations for banks with branches abroad.
These institutions are advised to strictly adhere to the banking legislation of Kyrgyzstan, as well as norms aimed at combating the financing of criminal activities and the legalization of illegal income, to consider the legislation of the host country, and to comply with sanction restrictions in foreign jurisdictions.
Furthermore, banks are required to ensure the completeness and accuracy of the information regarding the activities of their foreign branches, which they provide to the National Bank in the established manner.
This decree comes into effect 10 days after its official publication.
