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IBC Committee discusses correspondent relations of commercial banks with foreign partners

April 22, 2021

The IBC Financial Market Committee discussed the possibility of amending the legislation of the Kyrgyz Republic in the field of combating the financing of terrorist activities and legalization (laundering) of criminal proceeds.

The discussion was attended by representatives of the banking sector, financial institutions, as well as government financial institutions, including the National Bank of the Kyrgyz Republic and the State Financial Intelligence Service under the Ministry of Economic and Finance.

Representatives of commercial banks suggested ways to improve the country's legislation in this area, since foreign correspondent banks pay close attention to this issue when conducting internal control in commercial banks of Kyrgyzstan.

Correspondent accounts in high-rated foreign banks are needed to reduce risks both for a single financial institution and for the entire banking system of Kyrgyzstan.

The meeting participants suggested that the National Bank and the State Financial Intelligence Service develop recommendations for introducing appropriate amendments to the legislation.

Кроме того, эксперты рассказали, что в настоящее время МДС проводит анализ развития цифровой экономики в КР. По результатам анализа будут разработаны рекомендации по развитию электронной коммерции и других сфер цифровой экономики в стране. Эксперты предложили представителям финансового сектора направлять свои предложения по этой теме в МДС.

In addition, the experts said that IBC is currently analyzing the development of the digital economy in Kyrgyzstan. Based on the results of the analysis, recommendations will be developed for the growth of e-commerce and other areas of the digital economy in the country. The experts invited the representatives of the financial sector to submit their proposals on this topic to IBC.