Microfinance organizations in Kyrgyzstan will be obliged to combat fraud. The National Bank is submitting for public discussion a draft resolution of the Board of the National Bank of the Kyrgyz Republic «On approval of the regulation «On minimum requirements for the system of combating internal and external fraud in microfinance organizations.» The document was developed to bring the regulatory legal acts of the bank into line with the Law «On Microfinance Organizations.»
The National Bank noted that the document is necessary to form a unified approach to organizing a system of combating fraud in the country’s microfinance sector, taking into account the modern risks of the digital environment.
The draft resolution obliges microfinance organizations to develop and implement an internal anti-fraud policy, which sets out specific mechanisms for identifying and responding to incidents corresponding to the risk level, and also establishes measures of personal responsibility of employees for inaction.
It also provides for mandatory introduction of an automated or semi-automated system for combating internal and external fraud, ensuring monitoring of transactions in remote service channels in real time.
«To enhance customer protection, an obligation is established to maintain an internal register of identifiers prohibited for servicing and automatically block transactions using them. In the event of a transaction using such an identifier, the microcredit organization is liable for compensation for damage to the client,» the background statement says.
