Compliance

Bai-Tushum Bank OJSC informs you that according to the legislation of the Kyrgyz Republic, namely the Law “On Countering the Financing of Terrorist Activities and Legalization (Laundering) of Criminal Proceeds” No. 87 dated 6 August 2018, regulations of the National Bank of the Kyrgyz Republic, for the purpose of exercising internal control in the field of countering the financing of terrorist activities and legalization (laundering) of criminal proceeds and documents of the State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic, the Bai-Tushum Bank OJSC has built an effective compliance control system and developed internal regulatory documents for internal control to counter the financing of terrorist activities and legalization (laundering) of criminal proceeds. Besides legal requirements, the Bank also ensures compliance with international sanctions of:

• The United Nations Security Council;
• OFAC (USA);
• European External Action Service (EU);
• UK Treasury (HMT) etc.

In order to comply with international sanctions, the Bank has entered into an agreement with LexisNexis Risk Solutions to monitor all transactions of the Bank’s customers. This cooperation ensures unconditional compliance with global Compliance standards.

Bai-Tushum Bank OJSC fulfills the requirements of the U.S. Foreign Account Tax Compliance Act – FATCA, the purpose of which is to prevent tax evasion by U.S. citizens and residents who receive income through financial institutions outside the United States.

According to the provisions of the Law of the Kyrgyz Republic “On Countering the Financing of Terrorist Activities and Legalization (Laundering) of Criminal Proceeds” No. 87 dated 6 August 2018, and regulations of the National Bank of the Kyrgyz Republic in the field of CFTA/LCP and orders of the State Financial Intelligence Service under the Ministry of Finance of the Kyrgyz Republic, the Bank applies the following measures:

• A structural subdivision – Compliance Control Service – has been established.
• A person responsible for implementing the Internal Control Policy for CFTA/LCP purposes has been appointed.
• Internal Control Policy for CFTA/LCP purposes, “Know Your Customer” (KYC) Policy, and Internal Control Rules for CFTA/LCP purposes have been developed.

In order to implement these internal regulatory documents, Bai-Tushum Bank OJSC:

• Does not open and does not service anonymous bank accounts (deposits);
• Does not carry out any transactions without identification of the correspondent bank, clients, and identification of the beneficial owner according to the internal Regulations and requirements of the legislation of the Kyrgyz Republic;
• Does not establish correspondent relations with banks registered in offshore zones and shell banks.

Bai-Tushum Bank OJSC, in its activities as a financial market participant, is based on the principle of publicity, transparency, and fairness, and pays special attention to the issues of conflict of interest management, anti-corruption, and bribery.