Regulatory Alerts2023-12-08 | 127045Procedure for Identification and Verification of Microfinance Organization Clients in Remote Mode
The National Bank of the Kyrgyz Republic issued this regulation to establish the mandatory procedures for microfinance organizations to remotely identify and verify clients using photo comparison or video conferencing. The document mandates strict internal controls, risk assessment protocols, and specific technical requirements for data security, encryption, and accessibility for persons with disabilities. It further defines criteria for successful versus failed identification, outlines limits on remote transactions, and requires continuous monitoring to prevent money laundering and terrorist financing.
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