Regulatory Alerts2019-08-14 | 129925Regulation on Minimum Requirements for Internal Control Organization in Commercial Banks to Counter Financing of Criminal Activities and Money Laundering
The National Bank of the Kyrgyz Republic mandates that commercial banks implement comprehensive internal control systems to prevent money laundering and the financing of terrorism and weapons of mass destruction. Banks are required to establish risk-based policies, conduct regular internal audits, and appoint a dedicated compliance officer responsible for monitoring suspicious transactions and reporting to the financial intelligence unit. The regulation defines strict governance responsibilities for the Board of Directors and Management, ensuring continuous monitoring, staff training, and adherence to international standards.
Share