The National Bank of the Kyrgyz Republic’s Supervisory Committee fined two payment organizations or payment system operators KGS 5,381,247 and KGS 804,130, respectively, for breaches of customer due diligence requirements under legislation combating the financing of criminal activity and money laundering, with the first penalty concerning international electronic money transfers and the second concerning both the establishment of business relationships and international electronic money transfers.
National Bank of the Kyrgyz Republic fines two payment firms for customer due diligence breaches
The National Bank of the Kyrgyz Republic’s Supervisory Committee imposed fines of KGS 5,381,247 and KGS 804,130 on two payment firms for customer due diligence breaches under laws against financing criminal activity and money laundering, relating respectively to international electronic money transfers and to both establishing business relationships and conducting such transfers.