Kookmin Bank (Republic of Korea) sent a notice to Kyrgyz banks about the termination of SWIFT transfers in dollars from September 2024. The National Bank of the Kyrgyz Republic commented on the situation.
«In connection with the expansion of the list and requirements of sanctions imposed by Western countries, foreign banks are increasing their requirements for the analysis and verification of cross-border payments made by clients of commercial banks of the Kyrgyz Republic.
In order to diversify and expand the correspondent network, as well as to ensure the uninterrupted provision of services to their clients, commercial banks of the Kyrgyz Republic, according to information provided to the National Bank of the Kyrgyz Republic, are working to expand and / or establish new correspondent relations with banks in foreign countries.
At the same time, the National Bank of the Kyrgyz Republic provides comprehensive assistance and support to the country’s commercial banks in establishing new and maintaining existing correspondent relations with banks in foreign countries,» the bank said in a statement.
Recall, in October 2023, the Korean correspondent bank of Kyrgyz banks imposed restrictions on SWIFT transfers in U.S. dollars.
Kookmin Bank is one of the four largest banks in South Korea by asset value as of the end of March 2014. It is also the largest among the world’s banks — it was in 60th place in 2017.
SWIFT is an international money transfer system that allows to transfer money between banks in different countries. The presence of a SWIFT code indicates the reliability of the bank and the security of transfers abroad for individuals and organizations.
