The State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic has held a commercial bank liable for violating national requirements in the field of TEC/CCLC, imposing 14 fines totalling KGS 830,000 under Article 355 of the Code of Criminal Procedure. The breaches cited included failures to establish an internal control system, covering the internal control programme, risk-based approach and client due diligence; violations of requirements, procedures and deadlines for submitting information and documents requested by the financial intelligence authority; failures to follow the procedure and timing for notifying controlled and notifiable transactions; and violations of requirements on applying targeted financial sanctions under Kyrgyz legislation on countering the financing of terrorist activities and the legalization (laundering) of criminal proceeds (ML/K).
Ministry of Finance (Kyrgyzstan) 2025-07-25
Kyrgyzstan's State Financial Intelligence Service fines commercial bank KGS 830,000 for internal control and targeted financial sanctions breaches
The State Financial Intelligence Service under the Ministry of Finance of Kyrgyzstan fined a commercial bank KGS 830,000 for violating national TEC/CCLC requirements. Infractions included inadequate internal control systems, non-compliance with information submission protocols, and breaches of financial sanctions related to countering terrorist financing and money laundering.