The National Bank of the Kyrgyz Republic intends to strengthen measures against fraud in the banking sector. The central bank has developed a draft resolution aimed at strengthening measures to combat internal and external fraud in the banking sector of Kyrgyzstan. The document is published on the website of the National Bank.
It is noted that it provides for amendments to the current regulation «On minimum requirements for operational risk management in commercial banks».
The National Bank initiates new requirements aimed at protecting banking operations from fraud, especially in remote and distance bank servicing.
Development of an anti-fraud policy has been determined:
- Banks are required to introduce and regularly update an anti-fraud policy, which includes the principles of early threat detection, warning and prevention of fraudulent transactions. The policy should be reviewed annually, and internal procedures — every two years.
Commercial banks will have to implement a fraud prevention system:
- Banks are required to install automated or semi-automated systems to monitor and assess fraud risks for each transaction.
- The systems should be either a separate software package or integrated into existing banking platforms.
It is proposed to assess all transactions by risk levels: low, medium and high.
It is planned to create a register of suspicious identifiers — transactions with them have to be blocked.
The National Bank also provides for measures against employees of commercial banks for inaction or improper actions to prevent fraud.
