National Bank of Kyrgyzstan fines payment system operator 1 million soms

The Supervision Committee of the National Bank of the Kyrgyz Republic has fined a payment organization/payment system operator 1,081,609 soms.

According to the National Bank, the fine was imposed for violations of banking legislation and legislation on combating the financing of criminal activity and money laundering.

The violations concerned, in particular, the operation of automated systems and the preservation of transaction data, as well as procedures for conducting proper customer due diligence when processing international electronic money transfers.

The National Bank did not specify which payment system was fined.