Regulatory Alerts2016-02-10 | 127041Instruction on the Operation of Bank Accounts and Bank Deposit Accounts
The National Bank of the Kyrgyz Republic issued this Instruction to establish the mandatory procedures for opening, maintaining, and closing bank and deposit accounts for individuals, individual entrepreneurs, and legal entities. It mandates that licensed financial institutions implement internal controls, risk-based identification protocols, and specific record-keeping standards to prevent money laundering and terrorist financing. The document further defines various account types, including current, special, and term deposit accounts, while setting out the rights, obligations, and operational requirements for both banks and their clients.
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