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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 21, 2019 No. 2019-P-33/43-6-(NFKU)

About approval of the Provision "About the Minimum Requirements to the Organization of Internal Control in the Microfinancial Organizations, Credit Unions and Specialized Financial Institutions of the Kyrgyz Republic for the purpose of Counteraction to Financing of Terrorist Activities and to Legalization (Washing) of the Criminal Income"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About the Minimum Requirements to the Organization of Internal Control in the Microfinancial Organizations, Credit Unions and Specialized Financial Institutions of the Kyrgyz Republic for the purpose of Counteraction to Financing of Terrorist Activities and to Legalization (Washing) of the Criminal Income" it (is applied).

2. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About the Minimum Requirements to the Organization of Internal Control in the Microfinancial Organizations and Credit Unions for the purpose of Counteraction of Legalization (Washing) of the Criminal Income and to Financing of Terrorist or Extremist Activities" of February 14, 2007 No. 7/2";

- Item III of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of October 14, 2009 No. 41/3;

- the paragraph third Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of April 10, 2013 No. 11/2;

- Item II of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of April 10, 2013 No. 11/2;

- the paragraph third Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of February 10, 2016 No. 7/2;

- Item 2 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some resolutions of Board of National Bank of the Kyrgyz Republic" of February 10, 2016 No. 7/2;

- the subitem 15 of Item 1 of the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic and recognition voided some regulatory legal acts of National Bank of the Kyrgyz Republic" of June 15, 2017 No. 2017-P-12/25-12-(NPA);

- Item 15 of Appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of June 15, 2017 No. 2017-P-12/25-12-(NPA).

3. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective after fifteen days from the date of official publication.

5. To management of supervision of non-bank financial credit institutions to bring this resolution to the attention of specialized financial credit institution of JSC Finance Company of Credit Unions, the microfinancial organizations, credit unions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising Management of supervision of non-bank financial credit institutions.

Acting as Chairman of the board of National Bank of the Kyrgyz Republic

N. Zhenish

Approved by the resolution of Board of National Bank of the Kyrgyz Republic of August 21, 2019 No. 2019-P-33/43-6-(NFKU)

Regulations on the minimum requirements to the organization of internal control in the microfinancial organizations, credit unions and specialized financial institutions of the Kyrgyz Republic for the purpose of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income

Chapter 1. General provisions

1. The purpose of this provision is determination of the minimum requirements on the organization of internal control in the microfinancial organizations which are not attracting deposits, credit unions and specialized financial institutions of the Kyrgyz Republic (further - IFI, KS, SFU), for the purpose of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income (further - PFTD/LPD).

2. The National Bank of the Kyrgyz Republic (further - National Bank) carries out inspection of activities of IFI, KS, SFU concerning the organization of internal control for the purpose of PFTD/LPD and sends information on its results to authorized state body in the sphere of PFTD/LPD on behalf of Public service of financial investigation under the Government of the Kyrgyz Republic (further - body of financial investigation).

3. In the Provision the following concepts are used:

Internal control - set of the measures taken by IFI, KS, SFU on identification of transactions (transactions) which are subject to control and the message and suspicious transactions (transactions) and also for prevention of other transactions (transactions) with money or property which are directly connected with financing of terrorist activities and legalization (washing) of the criminal income.

Identification - the procedure of establishment of identification data on the client and (or) the beneficial owner.

Verification - the procedure of verification of identification data of the client and (or) beneficial owner.

The concept "Extremist Activities" meets standards of conceptual framework of the Law of the Kyrgyz Republic "About counteraction of extremist activities".

The beneficial owner - physical person (physical persons) which finally (through chain of ownership and control) directly or indirectly (through the third parties) owns the property right or controls the client or the physical person, from name or for the benefit of which transaction (transaction) is made.

Public officials - one of the following physical persons:

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