Regulatory Alerts2019-08-14 | 129921Regulation on the Procedure for Conducting Exchange Operations with Cash Foreign Currency in the Kyrgyz Republic
The National Bank of the Kyrgyz Republic establishes the regulatory framework for commercial banks, microfinance companies, credit unions, and exchange bureaus to conduct cash foreign currency exchange operations within the country. These entities are mandated to implement strict anti-money laundering controls, including mandatory client verification for transactions exceeding 100,000 som and immediate reporting of suspicious activities to the Financial Intelligence Agency. Additionally, the regulation enforces rigorous operational standards regarding daily electronic reporting, public display of exchange rates, and the maintenance of detailed transaction logs for a minimum of five years.
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