The National Bank of Kyrgyzstan has approved new rules for currency exchange offices. Starting January 14, exchange offices will be entitled to check clients’ documents and verify the source of funds when carrying out large or unusual transactions — for both citizens of Kyrgyzstan and foreign nationals.
According to the central bank, the decision is aimed at combating money laundering and other financial crimes.
Under the new requirements, currency exchange offices must:
- conduct customer due diligence, including verification of foreign clients and their documents;
- clarify the source of funds when necessary;
- pay special attention to large and unusual transactions;
- suspend suspicious transactions and notify the National Bank of the Kyrgyz Republic;
- retain records of exchange transactions for at least five years.
The new rules will come into force on January 14.
