A working meeting of the employees of the National Bank of Kyrgyzstan with the compliance services of commercial banks took place. Press service of the central bank reported.
Topical issues were discussed regarding the risks of secondary sanctions, compliance with the legislation of Kyrgyzstan in the field of combating the financing of terrorist activities and money laundering (hereinafter referred to as PFTC/LPD) when introducing new banking products/services and financial technologies.
«Since the introduction of restrictive measures by the United States and the European Union against the countries — economic partners of Kyrgyzstan, the National Bank has been carrying out appropriate work to minimize the negative impact of sanctions on the banking system and avoid the risk of termination of banking correspondent relations. The National Bank of the Kyrgyz Republic constantly informs commercial banks about the risks of secondary sanctions and, in order to prevent their circumvention, recommends to carry out work to strengthen control and take measures to prevent transactions with goods and persons on the sanctions lists,» the statement says.
At the meeting, commercial banks were also recommended to continue measures to strengthen internal control in servicing bank customers in terms of customer due diligence. In doing so, they should pay special attention to transactions with persons from jurisdictions subject to sanctions.
