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Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations in Kyrgyzstan

As businesses operating in Kyrgyzstan navigate the complexities of compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, it’s essential to understand the key requirements. Below are some key takeaways for ensuring robust AML and KYC procedures.

Identification Documents

To verify a customer’s address in Kyrgyzstan, you can accept the following documents:

• Current Utility Bill: Issued within the last 3 months
• Government Department-Issued Documents: Accepted as proof of address
• Bank Statements: Not older than 3 months

Timing of Verification

Identity verification is not limited to a one-time process and should be conducted in multiple instances, as recommended by regulatory authorities. Ongoing monitoring is crucial for ensuring compliance.

Politically Exposed Persons (PEPs)

When dealing with customers, it’s essential to determine if they are:

• Politically Exposed Persons (PEPs): Individuals holding public office or in a position of influence
• High-Risk Customers: Those who may pose higher risks due to their profession or activities

Shufti Pro provides an AML Screening service to help identify PEPs and assess potential risks.

Reliance on External Services

While clients can seek third-party services for fulfilling AML/KYC obligations, they remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations. Clients must ensure that external services meet the necessary standards and requirements.

Record Retention

It’s crucial to retain data for not less than 5 years as part of your AML and KYC obligations. This ensures that you can provide evidence of compliance with regulatory requirements if needed.

By understanding these key points, businesses in Kyrgyzstan can implement robust AML and KYC procedures, ensuring a secure and compliant environment for all customers.