RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of November 30, 2000 No. 42/1

About approval of the Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic

Having considered the "Regulations on Procedure for Carrying Out Exchange Transactions with Cash Foreign Currency in the Kyrgyz Republic" project taking into account notes and offers of authorized banks of the Kyrgyz Republic, the Board of National Bank of the Kyrgyz Republic decides:

1. Approve "Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic" it (is applied) and to enact it from the date of state registration in the Ministry of Justice of the Kyrgyz Republic.

2. Recognize invalid "The instruction about procedure for the organization of work of exchange points (bureau) in the territory of the Kyrgyz Republic", approved by the resolution of Board of National Bank of the Kyrgyz Republic of September 28, 1995 No. 23/2, from the date of enforcement "Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic".

3. To the NBKR legal department to carry out registration in the Ministry of Justice of the Kyrgyz Republic "Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic".

4. To authorized banks and exchange bureaus to bring activities into accord with requirements "Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic".

5. To management of banking supervision of NBKR to bring this resolution to the attention of regional managements of National Bank of the Kyrgyz Republic, authorized banks and authorized legal entities who signed the contract with NBKR on collection and generalization of information on transactions of exchange bureaus.

6. To authorized banks and authorized legal entities to bring this resolution to the attention of the exchange bureaus providing the daily reporting.

7. To impose control of execution of this resolution on Sharshekeeva K. Sh., vice-chairman of National Bank of the Kyrgyz Republic.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of November 30, 2000 No. 42/1

Regulations on procedure for carrying out exchange transactions with cash foreign currency in the Kyrgyz Republic

The National Bank of the Kyrgyz Republic (further - National Bank) this Provision establishes procedure for carrying out exchange transactions with cash foreign currency by commercial banks (further - banks), their exchange points, microfinance companies (further - IFC), the microcredit companies (further - MKK), credit unions (further - KS), exchange bureaus and specialized financial institutions (further - SFU) in the territory of the Kyrgyz Republic according to the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" and other regulations of the Kyrgyz Republic.

1. General provisions

1.1. The legal entity having the license for the right of carrying out exchange transactions with cash foreign currency has the right to buy and sell for the account of own means (within the declared current assets) on its own behalf only cash foreign currency and only for cash national currency of the Kyrgyz Republic (som) without restrictions.

1.2. Sale, purchase of cash and non-cash foreign currency on clearing settlement, payment of travel checks and payments in foreign currency are made only by the banks having the corresponding license of National Bank.

1.3. In this provision the following terms are used:

"Bank" is the bank which obtained the license of National Bank for the right of carrying out foreign currency transactions.

"Exchange point" - specially equipped venue of the exchange transactions with cash foreign currency performed by the banks specialized by financial credit institutes and credit unions according to the license of National Bank of the Kyrgyz Republic.

"The exchange bureau" is the specially equipped Item created by the legal entity for carrying out the exchange transactions with cash foreign currency performed according to the license of National Bank of the Kyrgyz Republic.

"Residents" are:

1) the physical persons who are constantly living in the Kyrgyz Republic, including temporarily being abroad. The foreign physical persons who are constantly living in the Kyrgyz Republic become residents after provision of the notification on immigration in relevant organs;

2) the legal entities created according to the legislation of the Kyrgyz Republic with the location in the Kyrgyz Republic;

3) the diplomatic and other official representations of the Kyrgyz Republic which are abroad;

4) branches and representations of foreign legal entities created according to the legislation of the Kyrgyz Republic with the location in the Kyrgyz Republic;

5) branches and representations of legal entities of the Kyrgyz Republic which are abroad.

"Nonresidents" are the persons which are not residents.

Suspicious transaction (transaction) - transaction (transaction) falling under signs of suspicious transactions (transactions) according to the Law "About Counteraction of Legalization (Washing) of the Criminal Income and to Financing of Terrorist or Extremist Activities" (further - the Law "About POD/FTE"), that is transactions (transaction) made with money or other property which have no clear economic or obvious legal aim and are not characteristic of activities of this legal entity or physical person (persons) according to the list of signs of suspicious transactions approved by authorized state body in the sphere of counteraction of legalization (washing) of the criminal income and to financing of terrorist or extremist activities.

The threshold amount - the transaction amount determined by the Law "About POD/FTE" in the amount of 1000 000 som (or the equivalent foreign currency amount calculated for the official rate of National Bank on the date of making of transaction (transaction)), in case of equality or excess of which this transaction (transaction) is subject to internal control according to the Law "About POD/FTE" and this Provision.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info