Commercial banks in Kyrgyzstan have received a letter from the regulator, which states the need to tighten control over compliance with sanctions. Akchabar has obtained the regulator's letter, which was provided to the editorial board by its own sources in commercial banks. The information was confirmed by several banks and the regulator itself.

In the letter to commercial banks, the regulator emphasizes the need for strict compliance with international sanctions imposed by the U.S. Office of Foreign Assets Control (OFAC), the European Union and other countries.

In particular, the National Bank strongly recommends to strengthen control over international transfers, to check clients and their counterparties, as well as to analyze transactions for compliance with the sanctions lists. It is recommended to pay special attention to transactions with partners from the countries under sanctions.

Banks are instructed to regularly update sanctions data and closely monitor the sources of customer funds.

The regulator warns that violation of these requirements may lead to serious consequences, up to the termination of correspondent relations with foreign banks.

The National Bank reminds that the management of financial organizations, the Board of Directors and the Management Board, is responsible for compliance with the sanctions requirements and should act in the interests of the bank, preventing operations that could cause damage to it.

“In order to avoid negative consequences for both an individual bank and the banking system as a whole, the National Bank draws special attention to the need to strengthen internal control in servicing bank customers and avoid negative consequences associated with the imposed sanctions, including avoiding the risk of termination of bank correspondent relations,” the letter reads.