Central Bank proposes stricter monitoring for large transfers and "high-risk" jurisdictions

The Central Bank has put forward proposals for more stringent oversight of substantial financial transfers and transactions linked to "high-risk" jurisdictions.

As previously reported, the Central Bank has drafted revisions to its internal control regulations aimed at countering the legalization of proceeds from crime. These proposed amendments broaden the scope of operations subject to enhanced monitoring.

Notably, transactions involving accounts held by individuals under the age of 16 may now be identified as suspicious if their cumulative value exceeds 40 BRVs (equivalent to 16.48 million soum) within a two-business-day period. The Central Bank's explanatory note highlights that minors under 16 generally lack the legal capacity for comprehensive financial decision-making and typically do not maintain high-turnover accounts.

Additionally, the following operations may now be categorized as "high-risk":

* Transactions surpassing