National Bank: Requirements for Operations in Exchange Offices Tightened in Kyrgyzstan

According to a statement from the press service of the National Bank of Kyrgyzstan, the requirements for operations in exchange offices have recently become stricter. Now, for certain transactions, it is necessary to provide documents confirming the origin of the funds.

The main goal of these changes is to combat the financing of criminal activities and to prevent the legalization of criminal proceeds.

Key provisions of the new regulation from the National Bank:

For transactions amounting from 100,000 to 1 million soms, client identification is required using the following documents: passport, military ID, driver's license, or residence permit (for foreigners). Information about foreign currency transactions must be recorded by employees for amounts starting from 100,000 soms. For certain categories of clients, including public figures at both national and international levels, it is required to determine the source of the funds. Exchange office employees are obliged to check clients against the sanctions lists of Kyrgyzstan and the UN Security Council. If a transaction is deemed high-risk, additional documents must be provided, and the approval of the exchange point manager is required for its execution. Reports of suspicious transactions must be sent to the Financial Intelligence Unit.

These new measures will come into effect in mid-January.