Regulatory Alerts | 111966Instruction on Accounting for Payment Purposes in Banks
The National Bank of the Kyrgyz Republic issued this Instruction to standardize the collection and reporting of payment purpose data by licensed banks for the compilation of the country's Balance of Payments statistics. It mandates the use of specific electronic forms (PB-1, PB-2) with strict deadlines, detailed coding requirements for transaction purposes, and rigorous verification of beneficiary information for cross-border transfers. The regulation defines resident status, outlines neutral operation classifications, and establishes penalties for non-compliance or inaccurate reporting to ensure data confidentiality and statistical accuracy.
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