Regulatory Alerts | 5888Directive No. 9 on Internal Control in Commercial Banks
The National Bank of the Kyrgyz Republic issued Directive No. 9 to establish internal control as a fundamental mechanism for protecting commercial banks from errors, losses, and violations. The directive mandates that the Board and Management implement a comprehensive system comprising five core elements: control environment, risk assessment, control measures, information and communication, and monitoring. It further requires specific operational practices such as segregation of duties, dual control, and regular audits to ensure compliance with laws and safeguard bank assets.
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