LAW OF THE KYRGYZ REPUBLIC

of July 23, 2002 No. 122

About bank secrecy

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 13, 2002

Approved by the Meeting of national representatives of Jogorku Kenesh of the Kyrgyz Republic on July 3, 2002

Article 1. Subject of regulation of this Law

This Law establishes the data which are bank secrecy, governs the relations arising in connection with reference of data to bank secrecy, determines procedure for their storage, protection, publication and provision, and also responsibility for violation of the legislation on bank secrecy.

Article 2. Legislation on bank secrecy

The relations connected with bank secrecy are regulated by this Law, and also other regulatory legal acts of the Kyrgyz Republic.

Article 3. Limits of operation of this Law

Provisions of this Law extend to National Bank of the Kyrgyz Republic, banks (including foreign) and the financial credit institutes licensed by National Bank of the Kyrgyz Republic their branches and representations (further - banks) operating in the territory of the Kyrgyz Republic and also to all physical persons and legal entities irrespective of patterns of ownership which according to this Law received the data which are bank secrecy or were informed on them.

Article 4. Bank secrecy

The data on accounts (deposits) of the client (correspondent) which became known to bank in connection with its servicing are considered as bank secrecy, data on transactions (transactions) made at the request of the client or in its advantage, and also the information about the client, the information about clients of other banks which became known in result of exchange of information between banks and any other data which were entrusted or became known to bank in the course of the relations between bank and the client.

Article 5. Third parties

For the purpose of this Law all other persons, except bank, his client and National Bank of the Kyrgyz Republic, and also authorized body on counteraction to financing of terrorism and legalization (washing) of income gained in the criminal way are considered as the third parties.

Article 6. Disclosure of bank secrecy

1. Publication or distribution in oral or written form, through mass media or different way of the data which are bank secrecy, finishing them to data of the third parties, direct or indirect provision to the third parties of opportunity for getting of such data are considered as disclosure of bank secrecy namely: permission, not preventing or opening of opportunities for this purpose owing to violation of procedure for storage of such data.

2. The message or provision by this bank of the data which are bank secrecy, to authorized body on counteraction to financing of terrorism and legalization (washing) of income gained in the criminal way and also the persons rendering to bank auditor, legal, accounting, other consulting or representative services or performing certain works for bank provided that it is necessary for rendering this service or performance of works is not considered disclosure of bank secrecy and that these persons shall abstain from actions or failure to act, the stipulated in Clause 9 these Laws.

Article 7. Prohibition of disclosure of bank secrecy

1. Disclosure of the data which are bank secrecy is forbidden, became known for person, the organization, state body or the official to whom these data were entrusted in connection with service (work), rendering services or were provided in the procedure established by this Law.

2. The National Bank of the Kyrgyz Republic has no right to disclose the data which are bank secrecy, received by it from reports of bank and also as a result of execution of licensed, supervising and control functions, except as specified, stipulated by the legislation the Kyrgyz Republic.

3. Auditing organizations have no right to open to the third parties of the data, being bank secrecy, received by them during performed bank, his client, except as specified, stipulated by the legislation the Kyrgyz Republic.

Article 8. Protection, storage and publication of bank secrecy

1. Banks guarantee protection of the data which are bank secrecy.

2. To heads and employees of National Bank of the Kyrgyz Republic, bank (including being), and also to the persons who are rendering or earlier rendering to bank services and performing (performing) works it is forbidden to disclose the data entrusted or become to them known which are bank secrecy, use of these data in private interests or interests of the third parties and also direct or indirect provision of possibility of such use by the third parties, namely: permission, not preventing or opening of opportunities for this purpose owing to violation of procedure for storage of such data.

3. The National Bank of the Kyrgyz Republic, banks, state bodies, auditing organizations and other legal entities shall take necessary organizational, legal and technical measures on protection against unauthorized access to the data which are bank secrecy.

4. The bank can promulgate in court of the information about the client, being bank secrecy, in case and in the limits necessary for protection of the rights and legitimate interests, on disputes between bank and this client. According to the petition of bank or its client judicial session can be closed.

Article 9. Provision of the data which are bank secrecy

1. Provision of the data which are bank secrecy is transfer of such data to the third parties only in cases and on the bases established by this Law.

2. The third parties, except for banks to which the data which are bank secrecy were entrusted or became known in connection with their service or work having no right to provide this information.

The National Bank of the Kyrgyz Republic has no right to provide to state bodies (Audit Chamber of the Kyrgyz Republic, the State tax authorities and others), to officials, citizens or any other person of the data, being bank secrecy which became known to it in the course of relations with banks, except as specified, directly provided by the law.

Article 10. Provision of the data which are bank secrecy, to investigation authorities, court, other state bodies

1. The data which are bank secrecy are provided by banks based on the court resolution which is taken out according to the procedural legislation of the Kyrgyz Republic.

2. Banks provide the information which is bank secrecy, to authorized state body for the purpose of:

1) counteractions of financing of terrorism and to legalization (washing) of income gained in the criminal way only based on the special law regulating these legal relationship;

2) ensuring control of calculation and tax payment.

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