Regulatory Alerts2019-08-21 | 130064Regulation on Minimum Requirements for Internal Control Organization in Microfinance Organizations, Credit Unions, and Specialized Financial Institutions of the Kyrgyz Republic to Counter Terrorist Financing and Money Laundering
The National Bank of the Kyrgyz Republic issued this regulation to establish minimum internal control requirements for microfinance organizations, credit unions, and specialized financial institutions to combat money laundering and terrorist financing. The document mandates the development of comprehensive compliance programs, the appointment of dedicated responsible officers, and the implementation of strict customer due diligence and risk assessment procedures. It further enforces rigorous reporting timelines for suspicious transactions to the Financial Intelligence Unit and sets strict data retention and audit standards for these entities.
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