Published
10/07/2026, 13:14The National Bank has tightened financial monitoring requirements for banks, microfinance and payment organisations, as well as currency exchange bureaux.
According to the resolution of the NBKR Board dated 1 October 2026, currency exchange bureaux must carry out due diligence on customers for one-off transactions involving the purchase or sale of national or foreign currency in cash amounting to 1 million KGS or more. This includes identifying and checking the beneficial owner against sanctions lists if there is no ongoing business relationship with the customer.
In the case of a standard one-off currency exchange transaction, currency exchange bureaux are also required to check the customer and their authorised representative against sanctions lists, regardless of the transaction amount.
Customer identification may be carried out using a passport, ID card or digital identity document provided via government digital systems. A national-standard digital driving licence with a PIN is also permitted.
Separately, the National Bank has established requirements for handling information on beneficial owners. Banks, MFIs, payment organisations and currency exchange bureaux must submit documented information on beneficial owners to the financial intelligence unit no later than three working days after carrying out due diligence on the customer or identifying changes to previously provided data.
When updating information, financial organisations must re-verify the data against available government information systems and databases. If the client’s details differ from those in government systems, the information must be forwarded to the financial intelligence unit in accordance with the established procedure.
Furthermore, the National Bank is introducing qualification requirements for internal audit staff: specialists responsible for auditing matters relating to the prevention of the financing of criminal activity and the laundering of criminal proceeds must hold the relevant certificate from the financial intelligence unit’s training centre.
The changes will come into force in stages. The main part of the resolution will take effect 15 days after its official publication, whilst certain provisions will come into force on 1 January and 1 April 2027.
