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Tajikistan Strengthens Banking Compliance Procedures
Implementing Robust Banking Regulations
The Republic of Tajikistan has made significant strides in implementing robust banking compliance procedures through its legislative framework. Two key laws form the basis for these regulations: “On the National Bank of Tajikistan” and “On banks and banking activities”.
Key Provisions of the Laws
- Law on the National Bank of Tajikistan: This law outlines the legal status, structure, main tasks, and functions of the National Bank of Tajikistan. It also addresses principles and instruments of monetary policy, regulation and control, reorganization and liquidation of credit institutions, money circulation, settlements, and other responsibilities.
- Law on Banks and Banking Activity: This law defines what constitutes a bank or non-banking financial institution within the country’s banking system. It covers key aspects such as:
- Banking operations
- Principles of interbank relationships
- Customer-government interactions
- Bank establishment, registration, licensing (including foreign capital involvement)
- License withdrawal reasons
- Banking secrecy
- Accounting and reporting standards
- Audit inspections
Additional Regulations
The Civil Code of Tajikistan serves as a foundation for additional legal regulation of banking activities. The National Bank has also issued normative acts related to:
- Bank Registration: Requirements for bank registration, including procedures for obtaining a license.
- Licensing Requirements: Sanctions for non-compliance with licensing requirements.
- Non-Cash Settlements: Regulations for regulating non-cash settlements.
Ensuring Banking Integrity
These measures are now in force and aimed at ensuring the integrity of the country’s banking system. The implementation of these regulations demonstrates Tajikistan’s commitment to improving its banking compliance procedures and maintaining a stable financial environment within the region.