To Our Partners
Herewith, CJSC Demir Kyrgyz International Bank expresses it’s respect and, for the purpose of sustainable and mutually beneficial cooperation, informs you as follows.
As per the Law of Kyrgyz Republic “On prevention of terrorism financing and legalization (laundering) of incomes, received by criminal way”, and range of normative documents developed by the state supervision body (NBKR) and state authorized body (State Financial Intelligence Service of KR (SFIS), DKIB CJSC performs the following AML/TF measures:
- performs the requirement of Kyrgyz Republic bank legislation and other normative and legal acts and foreign states legislation as well.
- organization of compliance department, responsible for observance and implementation of internal control rules for AML/TF. As per the local legislation, the independent activity of compliance department is provided by their position in the bank organizational structure – direct subordination to BOD and regulating by General Manager.
- providing of full and adequate AML/TF internal control, particularly: conducting of identification and verification measures in the course of customer’s account opening, customer’s risk assessment and monitoring operations, strict control to activity and operations of Politically Exposed Persons/PEP related persons. quarterly reporting to Board of Directors of DKIB CJSC, development of internal normative documents, conducting of introductory and target AML/TF seminars and testing for bank employees, as well as analysis of bank products and conducting measures for implementation of requirements of USA Law “Foreign Account Tax Compliance Act”
(FATCA) dd 18/03/2010.
- DKIB CJSC does not maintain correspondent relations with “shell banks” or with banks registered in offshore zones and in FATF black listed countries and does not place funds with such financial institutions. Before to open LORO or NOSTRO accounts and additionally to related actions of departments involved in this process, compliance department studies carefully the AML/TF position of this bank (including it’s physical presence, shareholders structure, AML/TF normative base, KYC principles implemented, reporting to state body etc.), with subsequent conclusion of it’s risk to be involved in money laundering/ terrorist financing process.