U.S. Bank Pursuing Partnerships with Financial Institutions in South Korea
U.S. Ambassador to Kyrgyzstan Encourages Establishing Correspondent Relations with American Banks
Bishkek, 12 March 2024 – In a recent interview with Tazabek, U.S. Ambassador to Kyrgyzstan Lesslie Viguerie mentioned that there is at least one bank in the U.S. that is interested in establishing correspondent relations with Kyrgyzstan. He highlighted the importance of technical training organized by the United States for banks, specifically focusing on the concept of “know your customer” to avoid issues related to sanctions.
Ambassador Viguerie emphasized that establishing correspondent relations with a U.S. bank would have a positive impact on the relationship between the two countries. It would allow Kyrgyz banks to easily conduct transactions with the U.S. financial system, ultimately facilitating trade and economic development in Kyrgyzstan.
However, the Ambassador also cautioned that if banks engage in transactions that violate sanctions, no U.S. bank would be interested in establishing a relationship with them. He reiterated the importance of complying with international financial standards and the know-your-customer principle when dealing with financial institutions.
Ambassador Viguerie acknowledged that the decision to establish correspondent relations with a U.S. bank is ultimately up to the private company. Factors such as market size, adherence to international standards, and the reputation of Kyrgyz banks play a role in influencing the decision-making process.
Overall, the U.S. Ambassador expressed support for Kyrgyzstan’s efforts to enhance its financial relations with American banks and encouraged continued dialogue and cooperation in this regard.
