Regulatory Alerts2020-08-19 | 130301Regulation on Minimum Requirements for the Organization of Internal Control in Payment Organizations and Payment System Operators for the Purpose of Combating the Financing of Criminal Activities and the Legalization (Laundering) of Criminal Proceeds
The National Bank of the Kyrgyz Republic issued this Regulation to establish minimum requirements for the organization of internal control in payment organizations and payment system operators, excluding commercial banks, for the purpose of combating the financing of criminal activities and the legalization (laundering) of criminal proceeds (CFT/AML). Payment organizations must develop and implement a comprehensive internal control program that includes risk assessment, ongoing client due diligence, identification and reporting of suspicious transactions, and the application of targeted financial sanctions. This program also mandates the establishment of a dedicated internal control service, staff training, and ensuring compliance across all branches, representative offices, and agents, with specific staffing requirements based on the organization's size and whether it issues electronic money.