Banks of Kyrgyzstan to request more information when sending money
List of information needed to transfer money may be expanded in Kyrgyzstan. Relevant amendments were developed and submitted for public discussion by the National Bank of the country.
This is done to comply with the requirements of the FATF on combating terrorism and money laundering. Currently, banks and money transfer operators request from senders and recipients of money only the full name, year of birth, home address, passport or identity document data. After the amendments enter into force, it will be necessary to indicate not only the year, but also the date, place of birth, address of the place of residence (registration, stay), as well as a TIN (individual tax number), if any.
In addition, banks and operators will need to store information on money transfers in an automated banking system and provide it at the request of the National Bank within three working days.
In early December 2019, the Eurasian group on combating money laundering and financing of terrorism agreed to increase the ranking of Kyrgyzstan on 13 FATF recommendations.
