Regulatory Alerts2005-02-22 | 103328Instruction on the Procedure for Numbering Bank Settlement Accounts
The National Bank of the Kyrgyz Republic issued this Instruction to establish a unified 16-digit structure for bank settlement accounts, comprising a three-digit financial institution code, an eleven-digit intra-bank account number, and two check digits calculated by dividing the first 14 positions by 97. The regulation mandates that licensed banks assign these standardized account numbers to clients and verify their accuracy during payment initiation, routing, and receipt to ensure automated interbank transaction processing. It further requires financial institutions to update internal procedures, software systems, and client notification protocols to facilitate a seamless transition to the new numbering standard while preventing payment routing errors.