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Anti-money laundering

The system “Commercial bank KYRGYZSTAN” OJSC for combating the financing of terrorism and preventing money laundering is constructed in accordance with the requirements of the Law “On combating legalization (laundering) of proceeds from crime and financing of terrorism” dated July 31, 2006, №135, normative documents of the National Bank of the Kyrgyz Republic and Financial Intelligence Service of the Kyrgyz Republic.

In accordance with the aforesaid Law of KR on CTF/LP, “Commercial bank KYRGYZSTAN” OJSC created a Compliance Control Service, appointed a Responsible Officer, drafted and applied its “Regulation on internal control in order to combat terrorism (extremism) financing and legalization (laundering) of proceeds of crime”, approved by the Decision of Board of Directors № 268, dated October 21, 2011.

The set of measures taken by “Commercial bank KYRGYZSTAN” in the framework of CTF/LP include, among others, the following:

  • Identification and verification of clients. “Commercial bank KYRGYZSTAN” does not open anonymous or bearer bank accounts (deposits) without identification of clients;
  • Assessment of clients in terms of risk of involvement in money laundering and financing of terrorism;
  • Identification and investigation of suspicious transactions, and blocking of transactions involving individuals who are on the known lists of terrorists;
  • In accordance with the legislation of KR in the field of CTP/LP, provision of information about transactions which are subject to mandatory control in the Financial Intelligence Service of KR;
  • Development and implementation of CTP/LP training programs for bank employees on a systematic basis.
  • Establishment of correspondent relationships only with the financial and credit institutions that participate in a system of CTP/LP. Also, the Bank does not engage in correspondent relationships with non-resident banks which do not have permanent management in the territory in which they are registered.

OJSC Commercial bank KYRGYZSTAN.PDF

 

 

 

 

 

 

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