Regulatory Alerts2016-06-15 | 94413Added · Updated
Risk Management Policy in the Payment System of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic issued this Risk Management Policy to establish a comprehensive framework for identifying, assessing, monitoring, and mitigating risks across the country's payment systems. The document mandates licensed payment system participants to implement internal controls, ensure real-time liquidity management, and adhere to strict principles of payment finality, irrevocability, and straight-through processing. It further classifies systemic, liquidity, credit, operational, legal, fraud, hacker attack, and reputation risks while outlining standardized mitigation mechanisms such as large-value settlement windows, contingency funds, and dual-entry verification to guarantee uninterrupted financial operations.
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