The National Bank has issued a decree to combat crime and money laundering
The National Bank of the Kyrgyz Republic has decided to tighten control over operations with Russian rubles in the country's commercial banks.
According to the new rules, financial institutions are required to pay special attention to foreign currency operations, particularly with Russian banknotes. This is aimed at strengthening measures to counteract the financing of criminal activities and money laundering.
According to the decree, banks must now provide the National Bank with information about their clients' cash ruble transactions on a daily basis, no later than 11 a.m. the following day, if the amount exceeds 5 million rubles per day.
The responsibility for complying with these requirements lies with the management of commercial banks.
The information provided must include, among other things, the transaction history of clients—both individuals and legal entities, residents and non-residents—across all accounts, including term, current, and demand accounts, as well as exchange operations with cash rubles, both with and without account opening.
This document came into effect on March 1, 2023, and will remain in force until March 1, 2027.
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