BANKS IN TAJIKISTAN EMBRACE STRICT REGULATORY COMPLIANCE TO PROTECT CLIENTS, SHAREHOLDERS, AND PARTNERS

Introduction

The banking sector in Tajikistan has taken a rigorous approach to regulatory compliance, adhering to the country’s legislation and safeguarding the interests of clients, partners, and shareholders. Compliance risk management is an essential element of banks’ management systems, aimed at preventing unethical behavior or illegal actions.

Regulatory Framework

Banks in Tajikistan must not only adhere to local laws and regulations set by the National Bank of Tajikistan but also follow procedures for providing services and operating in the financial market. Additionally, they are required to comply with foreign legislation that affects their activities. This ensures that businesses operate within a framework of regulations and laws.

Primary Goal of Compliance

The primary goal of compliance is to assist banks’ boards of directors and management boards in implementing internal control and risk management compliance measures. This ensures that businesses operate within a framework of regulations and laws that prevent any unethical behavior or illegal actions.

Reporting Breaches

If anyone suspects any breach of the law, regulation, instruction from the National Bank of Tajikistan, or internal regulatory documents by a bank or its employees, they can report it to the organization’s risk management department. The following cases are considered serious breaches:

• Violation of laws and regulations
• Bribery and fraud involving bank employees
• Illegal disclosure of banking secrets
• Money laundering and terrorist financing
• Conflict of interest with the participation of bank employees
• Other illegal actions

Reporting Mechanisms

Individuals who wish to report any unethical behavior or suspicious activities can contact the bank’s risk management department through:

• Email: compliance@furuz.tj
• Hotline: 7272