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Regulations for Financial Institutions in Tajikistan
The National Bank of Tajikistan has introduced regulations governing non-bank financial organizations, effective as of January 28, 2002.
General Provisions
A non-bank financial organization is a legal entity that performs separate banking activities and provides financial services to legal entities and individuals, subject to a license issued by the National Bank of Tajikistan.
Licensing Requirements
- A non-bank financial organization must obtain a license from the National Bank of Tajikistan to engage in various banking activities.
- The license enables non-bank financial organizations to engage in the following activities:
- Cash transactions: acceptance, recalculation, exchange, packaging, and storage of banknotes and coins
- Loan operations: granting loans in cash
- Translated transactions: executing orders for money transfer on behalf of clients
- Confidential (trust) transactions: managing cash, securities, and other assets on behalf of clients
- Safe transactions: storing papers, documents, and values of clients, including leasing safe boxes and rooms
- Clearing transactions: collecting, reconciling, sorting, and confirming payments, as well as offsetting and determining net positions of clearing participants
Additional Activities
Non-bank financial organizations are permitted to engage in additional activities, subject to a separate license:
- Forfaiting transactions: purchasing bills of exchange without obligation from sellers
- Leasing transactions: leasing property with reservation of ownership rights by the lessor
- Factoring transactions: acquiring rights to payment from buyers and assuming risk of non-payment
Additional Requirements
All transactions must be performed in national currency, unless otherwise specified.
Correspondent Accounts
Non-bank financial organizations have the right to open correspondent accounts in National Bank of Tajikistan and banks of the second level.
Foreign Currency Operations
An additional license is required for operating in foreign currency. This will be issued after a non-bank financial organization has been operational for at least one year, has modern communication systems, conducts profitable activities, meets economic standards set by the National Bank of Tajikistan, and employs qualified specialists.
Corporate Structure
Non-bank financial organizations can take the form of joint-stock companies or limited liability companies.
Membership Requirements
- Limited liability companies must not exceed 30 members. If the number exceeds this minimum, it must transform into a joint-stock company within one year.
- If the membership does not decrease to the minimum required number after the expiration of this term, the organization will be subject to judicial liquidation.
Ownership Structure
Legal entities and individuals (residents and non-residents) of Tajikistan, except for government bodies and courts, can be members of non-bank financial organizations. Organizations with 50% state ownership are also eligible to participate in these organizations.