Resolution of the Board of the National Bank of the Kyrgyz Republic No. 34/4 of August 17, 2012 on Amendments to Certain Regulatory Acts

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of August 17, 2012 No. 34/4

On Amendments and Additions to Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

In accordance with Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", as well as the requirements of the legislation of the Kyrgyz Republic on combating the financing of terrorism (extremism) and legalization (money laundering) of proceeds obtained criminally, and tax legislation, the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. Approve the amendments and additions to certain regulatory legal acts of the National Bank of the Kyrgyz Republic (attached).

2. After official publication, direct the Legal Department to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Regulatory Legal Acts of the Kyrgyz Republic.

3. Direct the Supervision and Licensing Methodology Department to bring this resolution to the attention of commercial banks.

4. This resolution shall enter into force upon the expiration of one month after its official publication.

5. Assign control over the implementation of this resolution to the Deputy Chairman of the National Bank of the Kyrgyz Republic Z.L. Chokoev.

Chairman	Z. Asankozhoeva

	Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic of August 17, 2012 No. 34/4

AMENDMENTS AND ADDITIONS to certain regulatory legal acts of the National Bank of the Kyrgyz Republic

I. Make the following amendments and additions to the Rules for carrying out money transfers through money transfer systems in the Kyrgyz Republic, approved by Resolution No. 30/6 of the Board of the NBKR dated July 15, 2009, registered in the Ministry of Justice of the Kyrgyz Republic on August 3, 2009, registration number 77-09:

1. Redraft Paragraph 1.2 of the Rules as follows:

"1.2. Transfer of funds without opening a bank account (hereinafter - money transfer) within the territory of the Kyrgyz Republic is carried out by natural persons, residents and non-residents of the Kyrgyz Republic, in national or foreign currencies through commercial banks (hereinafter - banks), licensed and regulated by the National Bank of the Kyrgyz Republic, using specialized money transfer systems (local, international systems) or through direct correspondent relations of banks (cross-border money transfers).".

2. Redraft Paragraph 2.3 of the Rules as follows:

"2.3. Money transfer without opening a bank account - transfer of funds, a banking operation carried out by a bank by accepting cash funds in national or foreign currency from a natural person and further transferring said funds to said natural person (recipient) within the Kyrgyz Republic or abroad through a money transfer system.

Money transfers without opening an account between legal entities, citizens engaged in entrepreneurial activity, are prohibited.".

3. Redraft Paragraph 2.5 of the Rules as follows:

"2.5. Sender - a natural person initiating the sending of a money transfer without opening a bank account by transferring cash funds to a bank for sending to the recipient of funds specified by the sender.".

4. Redraft Paragraph 2.6 of the Rules as follows:

"2.6. Recipient - a natural person specified by the sender as the recipient of a money transfer without opening a bank account. The sender and the recipient may be the same person.".

5. Redraft Paragraph 4.4 of the Rules as follows:

"4.4. Participant, providing services for money transfers without opening a bank account through money transfer systems, must comply with the requirements of the legislation of the Kyrgyz Republic on combating the financing of terrorism and legalization (money laundering) of proceeds obtained criminally.".

II. (Lost force in accordance with Resolution No. 41/12 of the Board of the NBKR dated October 31, 2012)