Regulatory Alerts2019-08-14 | 130063Regulation on Minimum Requirements for Internal Control Organization in Commercial Banks to Counter Terrorist Financing and Money Laundering
The National Bank of the Kyrgyz Republic issued this regulation to establish minimum internal control requirements for commercial banks to prevent terrorist financing, money laundering, and the financing of weapons of mass destruction. The document mandates that bank Boards of Directors and Management ensure robust compliance programs, including risk assessments, customer due diligence, and the appointment of a dedicated AML/CFT officer. It further requires regular internal audits of these controls and strict reporting obligations to the Financial Intelligence Unit.
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