The US Ambassador to Kyrgyzstan, Leslie Vigery, expressed interest in establishing correspondent banking relationships with at least one bank in the US. Vigery highlighted the importance of banks knowing their clients to avoid sanctions-related issues. He mentioned that Kyrgyzstan is keen on establishing such relationships to facilitate trade transactions and improve ties.
Vigery emphasized the significance of technical training provided by the US to banks, focusing on working with various electronic banking systems. He noted that while Kyrgyzstan desires correspondent banking relations with a US bank, any involvement in transactions violating sanctions will deter US banks from engaging in such relationships.
The ongoing discussion regarding correspondent banking relations signifies the commitment to supporting Kyrgyzstan's economic development while ensuring proper interaction with Russian banks. Vigery acknowledged the interest of a US bank in establishing correspondent relationships and affirmed support for such initiatives.
Vigery highlighted that the decision lies with private companies, considering market size and adherence to international financial standards by Kyrgyz banks. Concerns about the "know your customer" principle also influence a bank's decision-making process. Overall, these factors play a crucial role in determining whether a bank will pursue correspondent banking relations.
