Regulation on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks

Back Print Version Date of creation: 2023-01-11

Approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic Dated December 28, 2022 No. 2022-P-10/83-11-(NPA)

REGULATION on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks

This Regulation establishes the procedure for registering accounts and deposits opened by residents of the Kyrgyz Republic (legal entities) in foreign banks with the National Bank of the Kyrgyz Republic, as well as the reporting procedure for them.

Chapter 1. General Provisions

1. For the purposes of this Regulation, the following terms and concepts are used:

1. the Balance of Payments of the Kyrgyz Republic is statistical reporting that reflects aggregate data on the foreign economic operations of the Kyrgyz Republic with other countries of the world over a specific period;
2. residents are:

• legal entities created in accordance with the legislation of the Kyrgyz Republic and located in the Kyrgyz Republic;
• branches and representative offices of foreign legal entities created in accordance with the legislation of the Kyrgyz Republic and located in the Kyrgyz Republic;

3. non-residents are persons who are not residents, including diplomatic and other representations of foreign states and international organizations located in the Kyrgyz Republic;
4. foreign bank is a bank or other financial and credit organization registered outside the Kyrgyz Republic and having the right to conduct banking activities under the legislation of the country where it is registered;
5. accounts refer to currency and metal accounts opened by residents in foreign banks, which are subject to registration with the National Bank of the Kyrgyz Republic;
6. currency accounts are accounts in foreign banks holding the foreign currency of residents of the Kyrgyz Republic.
7. metal accounts (including dematerialized/unnamed) are accounts in foreign banks holding gold and other precious metals of residents of the Kyrgyz Republic.
8. deposit is funds deposited by residents in a bank based on a bank deposit agreement, subject to terms of maturity, repayability, and interest-bearing nature.

Chapter 2. Objectives and Tasks of Registration of Accounts and Deposits Opened by Residents of the Kyrgyz Republic in Foreign Banks 2. The objective of the registration by the National Bank of the Kyrgyz Republic of accounts and deposits opened by residents of the Kyrgyz Republic in foreign banks is to improve the information base for compiling the Balance of Payments of the Kyrgyz Republic. 3. The task of registering accounts and deposits opened by residents of the Kyrgyz Republic in foreign banks is to account for fund balances on accounts and deposits opened in foreign banks and reflect changes occurring in these accounts and deposits during the reporting period in the Balance of Payments of the Kyrgyz Republic.

Chapter 3. Registration of Accounts and Deposits Opened by Residents of the Kyrgyz Republic in Foreign Banks 4. Residents of the Kyrgyz Republic opening accounts and deposits in foreign banks notify the National Bank of the Kyrgyz Republic thereof for subsequent registration. 5. To register accounts and deposits opened in foreign banks by residents of the Kyrgyz Republic with the National Bank of the Kyrgyz Republic, a notification (Appendix 1) must be submitted to the National Bank of the Kyrgyz Republic, indicating the details of the resident opening the account or deposit, the details of the foreign bank where the account or deposit is opened, and detailed information about the opened account or deposit. The notification may be sent by mail (registered letter) or delivered in person to the registry of the National Bank of the Kyrgyz Republic. 6. The National Bank of the Kyrgyz Republic registers accounts and deposits opened in foreign banks by residents of the Kyrgyz Republic within 5 calendar days from the date of receipt of the notification, in accordance with this Regulation, and notifies the resident in writing about the registration of the account opened by them in a foreign bank. 7. Registration of accounts and deposits of residents of the Kyrgyz Republic opened in foreign banks is carried out by entering them into the Register of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks (Appendix 2). 8. In case a resident of the Kyrgyz Republic closes an account or deposit previously opened in a foreign bank and registered with the National Bank, the resident notifies the National Bank of the Kyrgyz Republic in writing, indicating the reason for closing the account or deposit, no later than 10 days from the date of closure.

Chapter 4. Obligations of Residents of the Kyrgyz Republic Opening Accounts or Deposits in Foreign Banks 9. Residents of the Kyrgyz Republic who have opened accounts and deposits in foreign banks and registered them with the National Bank of the Kyrgyz Republic in accordance with this Regulation submit a report on fund balances on accounts and deposits as of the end of the previous quarter (separately for each account and deposit) to the National Bank of the Kyrgyz Republic quarterly by the 15th day of the month following the reporting quarter, in accordance with Appendix 3 to this Regulation. The notification may be sent by mail (registered letter) or delivered in person to the registry of the National Bank of the Kyrgyz Republic. 10. If necessary, in accordance with the legislation of the Kyrgyz Republic, residents of the Kyrgyz Republic who have accounts or deposits in foreign banks and have registered them in accordance with this Regulation provide more detailed information about these accounts and deposits upon request by the National Bank of the Kyrgyz Republic.

Chapter 5. Confidentiality 11. The National Bank of the Kyrgyz Republic guarantees the confidentiality of information received in accordance with this Regulation and undertakes not to transfer it to third parties, except as provided by the legislation of the Kyrgyz Republic.

Chapter 6. Liability 12. In case of failure to provide, untimely provision, or inaccurate provision of information, residents of the Kyrgyz Republic who have accounts or deposits in foreign banks bear liability in accordance with the legislation of the Kyrgyz Republic on administrative offenses.

Appendix 1 to the Regulation on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks

National Bank of the Kyrgyz Republic

NOTIFICATION on the account (deposit) opened in the bank: ______________________________, (full name) located at address:

---

---

(full legal address with phone, fax, E-mail)

1. Date of opening the account (deposit): ____________________________________
2. Type of account (deposit): _____________________________________________
3. Currency of the account (deposit): __________________________________________

Additionally, I provide the following information:

1. Full name of the resident opening the account (deposit):

---

2. Legal address:

---

---

(with phone, fax, E-mail) 3. Form of ownership: __________________________________________ 4. State registration certificate number (3):

---

5. OKPO code: ____________________________________________________
6. Taxpayer Identification Number (TIN): ______________________________________________________________________

I have reviewed the Regulation of the National Bank of the Kyrgyz Republic governing the registration procedure for accounts (deposits) opened by residents of the Kyrgyz Republic in foreign banks and the reporting procedure for them.

I confirm the accuracy and correctness of the data specified in this notification.

Date Signature of the Head Signature of the Chief Accountant M.P. (Seal)

Note: This notification is completed separately for each opened account (deposit).

Appendix 2 to the Regulation on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks

REGISTER of accounts (deposits) opened by residents of the Kyrgyz Republic in foreign banks

No. | Full name of the KR resident who opened the account (deposit) Legal address of the KR resident who opened the account (deposit) Phone, fax, E-mail of the KR resident who opened the account (deposit) State registration certificate number OKPO code Taxpayer Identification Number (TIN) Details of the foreign bank where the account (deposit) is opened Currency of the account (deposit) Date of opening the account (deposit) Date of closing the account (deposit) Notes

1 | [Data] 2 | [Data] 3 | [Data] 4 | [Data] 5 | [Data] 6 | [Data] 7 | [Data] 8 | [Data] 9 | [Data] 10 | [Data] 11 | [Data] 12 | [Data]

1 - In this field, the sequential number of the resident who opened the account (deposit) in a foreign bank is indicated. 2 - The full name and form of ownership of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank are indicated here. 3 - The legal address of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank is provided in this field. 4 - Phone, fax, E-mail of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank are entered into this field. 5 - The state registration certificate number of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank is indicated here. 6 - The All-Republican Code of Enterprises and Organizations (OKPO) code of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank is entered into this field. 7 - The Taxpayer Identification Number (TIN) of the resident of the Kyrgyz Republic who opened the account (deposit) in a foreign bank is reflected here. 8 - Detailed details of the foreign bank where the account (deposit) is opened are indicated in this field (full name, country of location, full address, phone and fax numbers). 9 - The currency in which the account (deposit) is opened is shown in this field (in case of a metal account, the metal type is indicated). 10 - The date of opening the account (deposit) by a resident of the Kyrgyz Republic in a foreign bank is indicated here. 11 - The date of closing the account (deposit) (in case the account (deposit) is closed) previously opened by a resident of the Kyrgyz Republic in a foreign bank is indicated in this field. 12 - Additional information, if any, is reflected in this field.

Appendix 3 to the Regulation on the Registration of Accounts and Deposits of Residents of the Kyrgyz Republic Opened in Foreign Banks

National Bank of the Kyrgyz Republic

REPORT on fund balances on accounts or deposits of residents in foreign banks for the ___ quarter of 20___ g.

Name of resident: _________________ Bank name: ______________________________________________ Country: __________________________________________________________ Currency of the account (deposit): ____________________________________________

Line No. | Operation Name | In thousands of account currency units (A) | In thousands of US dollars (B) 1 | Balance at the beginning of the period 2 | Balance at the end of the period

Note: balances on metal accounts in the "In thousands of account currency units" column are indicated in physical volumes (grams).

Date Signature of the Head Signature of the Chief Accountant M.P. (Seal)

Contacts Public Reception: +996 (312) 61-04-86, +996 (312) 66-90-15 ext. 1257, 1256 Consumer Rights Protection Department: +996 (312) 66-90-15 ext. 1671, 1666 Report Corruption: +996 (312) 66-90-15 ext. 2120, +996 (312) 61-04-00 Auto-informer of Official Exchange Rates: +996 (312) 61-07-11 Numismatic Museum: +996 (312) 66-90-15 ext. 1232, +996 (312) 61-24-14 E-mail: mail@nbkr.kg Media Relations: press@nbkr.kg 720010, Kyrgyz Republic, Bishkek city, Kiev street, 189