Law No. 60 of 1997 on Banks and Banking Activities in the Kyrgyz Republic (consumer protection-related)

Kyrgyz Republic

(amended through 2009)

Law No. 60 of 1997 on Banks and Banking Activities in the Kyrgyz Republic, particularly Chapter VI, establishes the fundamentals of a bank’s relationship with clients. With regard to protection of client’s interests, the law particularly emphasizes principles such as freedom of choice, protection of client information, and transparency in banking transactions. Thus, in cases when a bank violates these or other regulations, the National Bank of the Kyrgyz Republic may collect a penalty in the amount not exceeding one percent of the paid authorized capital of the bank. The law prohibits banks from advertising activity to their clients in a way that does not accurately reflect the situation of the bank.