In order to enhance the transparency of virtual asset operations, reduce the risks of money laundering and terrorist financing, and create a unified monitoring system, FinSov has designated "Ranex" as the sole provider of AML/KYT services for all virtual asset service providers (VASPs) in the Kyrgyz Republic.
According to the new order:
- VASPs must conduct client identification and remote identification, as well as data verification and mandatory AML/KYT checks for all transactions and virtual wallets through the "Ranex" system;
- It is recommended to use external analytical solutions for additional AML/KYT verification of all transactions and wallets;
- Compliance with these requirements is part of FinSov's comprehensive strategy to create a national transaction analysis system and implement a risk-based approach to monitoring VASPs.
Additional information:
AML/KYC represents a set of measures and procedures in the financial sector aimed at combating money laundering and terrorist financing.
AML (Anti-Money Laundering) is a general set of rules that prevent illegal financial operations.
KYC (Know Your Customer) is the process of verifying a client's identity, collecting their data, and assessing risks, which is an important part of AML.
Download the document
