The National Bank of the Kyrgyz Republic requires banks to monitor transactions involving sanctioned goods and individuals

The regulator requires commercial banks to strengthen control over transactions and exclude dealings with goods and individuals included in the sanctions lists of the US, EU, and the UK in order to avoid secondary sanctions. This information is posted on the website of the National Bank of the Kyrgyz Republic.

The regulator noted its intention to continue strengthening internal control within the banking system by using a comprehensive set of tools: regular training on sanctions compliance, experience sharing with central banks of neighboring countries and international partners, as well as improving the regulatory framework.

"The National Bank regularly sends letters to banks with updates on sanction risks and changes in international sanction policies. In addition, working meetings are held with banks to discuss issues related to sanctions and the possible termination of correspondent relationships with foreign banks," reported the National Bank of the Kyrgyz Republic.

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