National Bank fines payment organization 1.45 million som

The National Bank of the Kyrgyz Republic has fined a payment organization and payment system operator 1.45 million som for violating banking legislation requirements and customer verification rules during international electronic money transfers, the regulator reported.

According to the National Bank, the organization violated requirements regarding the operation of automated systems and ensuring the security of transaction data.

In addition, the regulator revealed violations of legislation on countering the financing of criminal activities and the legalization (laundering) of criminal proceeds. These concerned the procedure for proper customer due diligence during international electronic money transfers.

The decision to impose the fine was made by the supervision committee of the National Bank. The regulator did not disclose the name of the organization.

In August, Economist.kg reported that the National Bank fined a payment organization 1.08 million som for similar violations related to the operation of automated systems, data security, and customer verification during international transfers.

In October, the National Bank also fined two payment organizations a total of 6.19 million som. In both cases, the violations concerned requirements for customer verification during international electronic money transfers.