Kyrgyzstan tightens currency exchange rules to fight financial crime
The National Bank of the Kyrgyz Republic has implemented stricter rules for currency exchange offices, effective January 14, 2026, to combat money laundering and illegal financial activities. These changes align local practices with updated domestic laws and international standards, such as those set by the US bank and yahoo finance. Under the new regulations, exchange bureaus must verify clients' identification documents, with both Kyrgyz citizens and foreign nationals required to present valid ID for transactions. For large or unusual transactions, staff must also ask for proof of the funds' origin. The rules mandate that exchange offices maintain detailed records of all transactions for at least five years, and immediately report any suspicious activity to the National Bank. These steps are part of a broader effort to tighten financial oversight in the country, with the National Bank approving the new framework to enhance transparency and reduce risks linked to illicit financial flows. The regulations took effect on January 14, 2026, with exchange offices now responsible for stricter client checks, flagging suspicious activity to authorities, and storing transaction records for half a decade. These changes reflect Kyrgyzstan's commitment to meeting both national and global financial security standards.
