Instruction on the Operation of Bank Accounts and Bank Deposit Accounts

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Creation date: 2025-11-27

Approved

by the Resolution of the Board of the National Bank of the Kyrgyz Republic

of October 31, 2012 No. 41/12

INSTRUCTION

on the operation of bank accounts, accounts for bank deposits (deposits)

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of November 27, 2014 No. 53/11, June 24, 2015 No. 35/6, February 10, 2016 No. 7/2, April 27, 2016 No. 19/5, May 17, 2017 No. 19/10, October 17, 2018 No. 2018-P-12/43-2, June 19, 2019 No. 2019-P-12/32-3, August 14, 2019 No. 2019-P-12/42-1, November 1, 2019 No. 2019-P-33/55-3, May 13, 2020 No. 2020-P-12/27-1, November 25, 2020 No. 2020-P-12/67-2, March 31, 2021 No. 2021-P-12/14-5, September 15, 2021 No. 2021-P-12/51-1, March 23, 2022 No. 2022-P-12/17-5, December 14, 2022 No. 2022-P-12/78-8, December 28, 2022 No. 2022-P-12/83-7, June 14, 2023 No. 2023-P-12/38-4, December 8, 2023 No. 2023-P-12/76-1, December 27, 2023 No. 2023-P-12/82-7, July 5, 2024 No. 2024-P-12/28-2, August 14, 2024 No. 2024-P-12/36-1, October 31, 2024 No. 2024-P-12/58-2-(NPA), September 26, 2025 No. 2025-P-12/49-3-(NPA), November 12, 2025 No. 2025-P-12/60-4-(NPA))

This Instruction defines the procedure for opening, maintaining, and closing bank accounts, accounts for bank deposits (deposits) of individuals, individual entrepreneurs, and legal entities (hereinafter referred to as clients) by commercial banks, the specialized financial-credit organization JSC "Financial Company of Credit Unions", microfinance companies, credit unions attracting deposits, licensed by the National Bank of the Kyrgyz Republic (hereinafter referred to as the National Bank), as well as housing savings credit companies (hereinafter referred to as banks). The requirements of this Instruction apply to microfinance companies attracting deposits, subject to restrictions established by the National Bank, in accordance with Article 16 of the Law of the Kyrgyz Republic "On Microfinance Organizations in the Kyrgyz Republic", to credit unions attracting deposits, subject to restrictions established by the National Bank, in accordance with Article 4 of the Law of the Kyrgyz Republic "On Credit Unions". The requirements of this Instruction also apply to housing savings credit companies, taking into account the features provided for by the legislation of the Kyrgyz Republic in the field of regulating the activities of housing savings credit companies.

The purpose of this Instruction is to establish minimum requirements for the regime of work with bank accounts, accounts for bank deposits (deposits), and the procedure for carrying out operations on them.

This Instruction does not apply to the procedure for opening and closing accounts other than a bank account agreement or a bank deposit (deposit) agreement, in accordance with the legislation of the Kyrgyz Republic.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of February 10, 2016 No. 7/2, May 17, 2017 No. 19/10, November 1, 2019 No. 2019-P-33/55-3, July 5, 2024 No. 2024-P-12/28-2)

Chapter 1

General Provisions

1. Attracting deposits and other funds from legal and physical persons is one of the main types of bank operations in accordance with the laws of the Kyrgyz Republic "On Banks and Banking Activity", "On Microfinance Organizations in the Kyrgyz Republic" and "On Credit Unions" upon having a license from the National Bank. The procedure for opening, maintaining, and closing bank accounts, accounts for bank deposits (deposits) is carried out in accordance with the legislation of the Kyrgyz Republic and regulatory legal acts of the National Bank.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/10, December 14, 2022 No. 2022-P-12/78-8)

2. Each bank is obliged to develop corresponding internal regulatory documents (policies, procedures, etc.) regulating the procedure for working with bank accounts, accounts for bank deposits (deposits), which are subject to approval by the authorized management bodies of the bank (Board of Directors or Board, depending on the status of the document). The bank's internal documents must reflect all main provisions regarding operations with bank accounts, accounts for bank deposits (deposits): the procedure for opening bank accounts, accounts for bank deposits (deposits), conditions for disposing of funds placed in these accounts, the procedure for paying funds and accrued interest under bank deposit (deposit) agreements, the rights of the client and obligations of the bank towards him, the procedure for closing bank accounts, accounts for bank deposits (deposits), the procedure for storing information in the bank, etc., as well as the procedure for identification and study of their clients by banks, developed in accordance with the requirements of this Instruction.

Internal documents of the bank must also contain all types of internal reporting provided for by the bank.

3. To prevent the conduct of operations related to the financing of terrorist activities and the legalization (money laundering) of criminal proceeds, banks are obliged to develop policies and procedures for internal control corresponding to the complexity and scale of the bank's activities, including for operations (transactions) with remote access without direct contact with the client, and subject to mandatory and full compliance.

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of September 15, 2021 No. 2021-P-12/51-1)

4. Bank regulatory documents (policies, procedures, regulations, etc.) must comply with the requirements of the legislation of the Kyrgyz Republic, this Instruction, and other regulatory legal acts of the National Bank.

5. In order to prevent the possibility of one bank employee performing client service operations from start to finish, the functions of bank employees must be clearly divided and reflected in the job descriptions of employees of the corresponding subdivisions of the bank. Bank employees bear personal responsibility for the performance of their duties.

6. The bank is recommended to pay special attention to issues of interaction and assistance to clients with disabilities when opening an account for them, including regarding:

• etiquette rules when communicating with the client;
• rules for accompanying the client when a bank employee and the client perform necessary operations within the framework of service;
• the application of accessible measures for the most comfortable service;
• communication with the client himself, and not with his companion, if the client has not chosen another way of communication;
• minimization of stressful factors in the process and full (detailed) explanation of bank service procedures.

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 8, 2023 No. 2023-P-12/76-1)

7. Interest on bank deposits (deposits) is accrued on each bank deposit (deposit) agreement on the deposit amount from the day following the day of its receipt by the bank, to the day preceding its return to the client or its deduction from the client's account on other grounds provided for by the legislation of the Kyrgyz Republic.

8. Banks must comply with the procedure and deadlines for storing records containing information about operations with client funds, as well as information and records related to the identification of the client and the beneficial owner, established by the legislation of the Kyrgyz Republic. Information in such records must be sufficient to be able to restore information about individual operations in order to provide appropriate evidence for consideration and investigation, and contain at least the following information: transaction amount, account number, account type, transaction currency, account name, date, transaction type, payment purpose. Documents submitted upon opening an account in accordance with the requirements of this Instruction must be bound and stored in the bank in a special file opened for each client together with the original contract, or kept and stored in electronic form in a database for at least the storage periods of documents on paper carriers. At the same time, access to electronic document databases must be ensured in accordance with the legislation.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of June 19, 2019 No. 2019-P-12/32-3, August 14, 2019 No. 2019-P-12/42-1)

9. The basis for opening a bank account and an account for a bank deposit (deposit) is the conclusion of a bank account agreement and a bank deposit (deposit) agreement, respectively.

Opening a bank account, an account for a bank deposit (deposit) is carried out only if the bank has received all documents provided for by the legislation of the Kyrgyz Republic and this Instruction, as well as identification and verification of the client and the beneficial owner in accordance with the legislation of the Kyrgyz Republic.

Banks are obliged to comply with the requirements of the legislation of the Kyrgyz Republic, including regulatory legal acts of the National Bank establishing other requirements not specified in this Instruction and describing the procedure for opening and maintaining bank accounts, accounts for bank deposits (deposits) of legal entities, accounting for funds and reporting to the National Bank on these accounts, as well as servicing specific legal entities in working with their bank accounts.

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1)

10. The basis for closing a bank account, an account for a bank deposit (deposit) is the termination of the bank account agreement, bank deposit (deposit) agreement in the manner provided for by the legislation of the Kyrgyz Republic.

Chapter 2

Terms and Definitions Used

11. The following terms and definitions are used in this Instruction:

Bank deposit (deposit) is understood in the meaning specified in Article 749 of the Civil Code of the Kyrgyz Republic.

Bank account - this is a way of reflecting contractual relations between the bank and the client on the acceptance of a bank deposit (deposit) and/or the performance by the bank of operations related to the implementation of banking services for the client provided for by the bank account agreement, bank deposit agreement, legislation, and customs of business turnover applied in banking practice.

Non-cash settlement is understood in the meaning specified in Article 2 of the Law of the Kyrgyz Republic "On the Payment System of the Kyrgyz Republic".

Beneficial owner - a physical person (physical persons) who ultimately (through a chain of ownership and control) directly or indirectly (through third parties) owns the right of ownership or controls the client or a physical person on whose behalf or in whose interests the operation (transaction) is carried out.

Verification - a procedure for checking the identification data of the client and (or) the beneficial owner.

Depositor - this is a person who has deposited a monetary amount in the bank or on whose behalf a monetary amount has been received in the bank from a third party and has a corresponding agreement for opening and maintaining a bank account or bank deposit (deposit).

High-risk countries - states and territories (formations) that do not apply or apply insufficiently international standards for combating money laundering, terrorist financing, and financing the proliferation of weapons of mass destruction, as well as offshore zones.

Trust Declaration - a written agreement stating that the property, the right to which is held by one person, actually belongs to another person, in whose interests the legal title of ownership was transferred to the first person.

Deposit certificate - this is a security similar to a savings certificate, however, its holder can only be a legal entity. The basis of the relations between the bank-issuer of the deposit certificate and its client are the relations of a bank deposit (deposit).

Notary deposit - this is a special account opened by a notary in a bank, in accordance with the requirements of the legislation of the Kyrgyz Republic on notary.

Identification - a procedure for establishing identification data about the client and (or) beneficial owner.

Individual entrepreneur - this is a citizen of the Kyrgyz Republic, a foreign citizen, or a stateless person, permanently or temporarily residing on the territory of the Kyrgyz Republic and engaged in individual entrepreneurial activity on its territory in accordance with the current legislation of the Kyrgyz Republic.

Kairylman is understood in the meaning specified in the Regulation on the procedure for granting the status of kairylman, approved by the Resolution of the Government of the Kyrgyz Republic of June 23, 2015 No. 402.

Nominal service is a service where nominal persons (nominal director, shareholder, participant, etc.) are appointed to official positions in the organization or act as shareholders (participants) of the organization. At the same time, the beneficial owner actually owns and manages the organization in accordance with the agreement (agreement) between the nominal person and the beneficial owner.

Nominal persons can be identified by the bank by filling out an application prepared in accordance with the requirements of the financial intelligence agency.

Nominal shareholder (participant) - this is a physical or legal entity that formally owns the securities of a legal entity by order of the beneficial owner based on an agreement (agreement).

Nominal director - this is a physical person who manages the organization only formally, acting on written or oral instructions of the beneficial owner based on a contract concluded between them.

Financial intelligence agency - an authorized state body of the Kyrgyz Republic in the field of combating the financing of terrorist activities and the legalization (money laundering) of criminal proceeds.

Risk-oriented approach - the application of enhanced measures in the presence of a high level of risk or simplified measures in the presence of a low level of risk in accordance with established risk management procedures (identification, assessment, monitoring, control, reduction of risk level).

Sanctions list - a list of physical and legal persons, groups, and organizations, regarding which there is information about their participation in terrorist or extremist activities and the proliferation of weapons of mass destruction.

Savings certificate - this is a security certifying the fact of depositing funds in the bank as a bank deposit (deposit) and the right of the client to receive, after the expiration of the established term, the amount of the bank deposit (deposit) and interest on it in any branch of this bank. The holder of a savings certificate can only be a physical person.

Kairylman certificate is understood in the meaning specified in the Regulation on the procedure for granting the status of kairylman, approved by the Resolution of the Government of the Kyrgyz Republic of June 23, 2015 No. 402.

Physical persons - these are citizens of the Kyrgyz Republic, foreign citizens, stateless persons.

Target reclamation account is understood in the meaning specified in the Regulation "On the Reclamation of Lands Damaged in the Process of Mineral Use", approved by the Resolution of the Government of the Kyrgyz Republic of August 18, 2017 No. 517.

Escrow account - this is a special account opened on the basis of a tripartite agreement concluded between the seller, the buyer of movable/immovable property, and the bank, for the purpose of transferring funds to the seller in national currency after the registration of the contract for the sale of movable/immovable property.

Legal entity - this is an organization registered in the manner established by legislation, which has separate property in ownership, economic management, or operational management and is liable for its obligations with this property, can acquire and exercise property and personal non-property rights and obligations in its own name;

Escrow account for virtual assets - a special account opened on the basis of a tripartite agreement concluded between the provider of virtual asset services, the client, and the bank, intended for accounting and blocking funds until the occurrence of circumstances or the fulfillment of obligations provided for by the agreement, after which the bank transfers funds to the seller of virtual assets. At the same time, virtual assets are understood in the meaning of the Law of the Kyrgyz Republic "On Virtual Assets", and the bank's operations are carried out within the services for virtual assets in accordance with the Procedure for providing services related to virtual assets approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of February 3, 2023 No. 2023-P-14/8-2-(NPA).

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of August 14, 2019 No. 2019-P-12/42-1, September 15, 2021 No. 2021-P-12/51-1, December 28, 2022 No. 2022-P-12/83-7, December 27, 2023 No. 2023-P-12/82-7, November 12, 2025 No. 2025-P-12/60-4-(NPA))

Chapter 3

Types of Bank Accounts, Accounts for Bank Deposits (Deposits)

12. Bank accounts, accounts for bank deposits (deposits) can be opened and maintained in both national and foreign currencies.

13. Bank accounts are intended for making payments and settlements with third parties and are divided into:

• correspondent accounts;
• current (checking) accounts;
• special accounts;
• accounts for bank deposits (deposits).

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 17, 2018 No. 2018-P-12/43-2)

14. A correspondent account is a bank account on which settlements made by one bank on behalf and at the expense of another are reflected on the basis of an agreement.

15. A current (checking) account is an account intended for storing funds and carrying out current settlements, including the conduct of settlements using bank payment cards, carried out by legal entities, except banks, and individual entrepreneurs (receipts, payments, mutual settlements with other physical or legal entities, transfers to other financial-credit organizations) under a bank account agreement.

Funds from a current (checking) account are paid out at the first request of the client without prior notice. All settlement and cash operations must be carried out on payment documents with the mandatory indication of all necessary details.

All operations on a current (checking) account are carried out at the direction of the client in accordance with the requirements of the legislation of the Kyrgyz Republic and the Regulation "On Non-Cash Settlements in the Kyrgyz Republic", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 8, 2021 No. 2021-P-14/68-7-(PS).

(Paragraph lost force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic of March 23, 2022 No. 2022-P-12/17-5)

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of June 24, 2015 No. 35/6, May 17, 2017 No. 19/10, August 14, 2019 No. 2019-P-12/42-1, March 23, 2022 No. 2022-P-12/17-5, December 28, 2022 No. 2022-P-12/83-7, December 8, 2023 No. 2023-P-12/76-1)

15-1. Special accounts are accounts opened by the bank for legal and physical persons, intended for accounting and blocking funds until the occurrence of certain circumstances or the fulfillment of certain obligations provided for in the agreement, in accordance with the requirements of the legislation of the Kyrgyz Republic.

Special accounts may include an escrow account, a target reclamation account, a notary deposit, an escrow account for virtual assets.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/10, December 27, 2023 No. 2023-P-12/82-7, November 12, 2025 No. 2025-P-12/60-4-(NPA))

16. Accounts for bank deposits (deposits) are intended for saving and accumulating funds, as well as for making payments and settlements. Bank deposits (deposits) can be interest-bearing and non-interest-bearing. Depending on the terms of the agreement, accounts for bank deposits (deposits) are divided into:

• accounts for bank deposits (deposits) on demand;
• accounts for term bank deposits (deposits);
• accounts for deposits on other repayment conditions.

(In the edition of the Resolution of the Board of the National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/10)

17. An account for a bank deposit (deposit) on demand is an account used by a physical or legal person for storing and accumulating funds under a bank deposit (deposit) agreement on demand, as well as for making payments and settlements.

The rules of the bank account agreement apply to the relations between the bank and the depositor - a physical person, regarding a bank deposit (deposit) on demand, unless otherwise follows from the essence of the bank deposit (deposit) agreement. At the same time, in addition to the client's personal funds, salaries, author's fees, pensions, alimony, social benefits, funds from another bank account, payments related to inheritance, payment for the sale of personal property belonging to the account owner, money transfers (including those carried out through money transfer systems without opening an account), and other receipts and payments, including payments on loans, may be credited to a physical person's account for a bank deposit (deposit) on demand. From a physical person's account for a bank deposit (deposit) on demand, the client can make personal payments, including payments for purchased goods (provided services) for personal purposes, loan repayments, money transfers (including those carried out through money transfer systems without opening an account), utility payments, and other similar payments of a personal nature.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/10, June 19, 2019 No. 2019-P-12/32-3)

18. An account for a term bank deposit (deposit) is an account to which physical and legal persons deposit funds under a term bank deposit agreement for a certain period of time, bringing income from accrued interest.

An account for a term bank deposit (deposit) is used for storing and accumulating funds and is not intended for settlements with third parties.

Interest on the amount of a term bank deposit (deposit) is paid to the client at his request in accordance with the terms of the term bank deposit (deposit) agreement or transferred at his request to another account.

In cases where a term bank deposit (deposit) is returned to the client at his request before the expiration of the term or before the occurrence of other circumstances specified in the agreement, interest on it is paid at a rate corresponding to the rate of interest paid by the bank on bank deposits (deposits) on demand, unless the agreement provides for a higher rate of interest. Partial deposits into the main amount of the bank deposit (deposit) and withdrawals of the main amount of the bank deposit (deposit) are possible on a term bank deposit (deposit) in accordance with the bank deposit (deposit) agreement.

In cases where the amount of a term bank deposit (deposit) is not claimed by the client after the expiration of the term, the agreement is considered extended on the terms of a bank deposit (deposit) on demand, unless otherwise provided for by the agreement.

After the expiration of the storage term of a term bank deposit (deposit), it can be re-issued for a new term. A bank deposit (deposit) can be re-issued for a new storage term with an increase or decrease in the amount of the term bank deposit (deposit).

The bank must provide statements to the depositor's accounts at his request no later than three working days from the moment of receiving the request.

(In the edition of the Resolutions of the Board of the National Bank of the Kyrgyz Republic of May 17, 2017 No. 19/10, October 17, 2018 No. 2018-P-12/43-2)

18-1. The bank and the client may conclude a deposit agreement on other repayment conditions. Under a deposit agreement on other repayment conditions, an agreement is understood in accordance with which the bank is obliged to return the deposit and pay the accrued interest on it upon the occurrence (non-occurrence