KYRGYZSTAN BANKS BOOST COMPLIANCE EFFORTS TO PREVENT MONEY LAUNDERING

Significant Strides in Addressing Technical Weaknesses

BISHKEK, KYRGYZ REPUBLIC - The Kyrgyz Republic has made notable progress in addressing technical weaknesses that had raised concerns about its ability to prevent money laundering. In a major boost for the country’s financial sector, several key recommendations have been upgraded from “partial compliance” to “largely compliant”.

Upgrades Across Multiple Areas of AML/CFT Regulations

• Recommendations 12, 17, and 28, which had previously received a “non-compliant” rating, have been upgraded to “largely compliant”.
• Recommendations 1, 2, 16, 22, 23, 24, 34, and 38 have seen similar upgrades from “partial compliance”.

Improvements in Key Areas

• Customer Due Diligence: Recommendation 7 has been upgraded from “partial compliance” to “substantial improvement”.
• Suspicious Transactions Reporting: Recommendation 6 has improved from “largely compliant” to “substantial improvement”.

Continued Commitment to Preventing Money Laundering

The Kyrgyz Republic will continue to remain under the enhanced follow-up process, with regular reports submitted to the global Economic and Financial Action Task Force (EAG) on its progress in strengthening its national AML/CFT system. The country’s efforts are seen as a major step forward in its commitment to prevent money laundering and protect the integrity of its financial sector.