Regulatory Alerts2012-10-31 | 129054Instruction on the Operation of Bank Accounts and Bank Deposit Accounts
The National Bank of the Kyrgyz Republic issued this Instruction to establish the minimum requirements for the opening, maintenance, and closure of bank and deposit accounts for individuals, individual entrepreneurs, and legal entities. It mandates that banks implement robust internal controls, including risk-oriented approaches and strict identification procedures, to prevent money laundering and terrorist financing. The document further defines various account types, such as current, special, and deposit accounts, and sets forth specific operational rules, interest calculation methods, and record-keeping obligations for regulated financial institutions.
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