Regulatory Alerts2010-05-26 | 130311Regulation on Basic Requirements for Commercial Banks' Activities When Concluding Agency Agreements for Providing Retail Banking Services
The National Bank of the Kyrgyz Republic issued this Regulation to establish core requirements for commercial banks operating retail agency networks that provide banking services on behalf of the bank through licensed agents. It mandates that banks assume full liability for agents' obligations, define extended and limited service spectra, enforce strict risk management, client verification, and data security protocols, and set operational limits such as daily cash withdrawal caps. The framework standardizes agency agreements, mandates electronic data exchange and co-branding opportunities, and ensures regulatory compliance for branchless banking expansion across the Kyrgyz Republic.
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