Tajikistan Tightens Regulatory Requirements for Financial Institutions
The National Bank of Tajikistan has taken on a crucial role in combating financial crimes by enforcing strict regulations on financial institutions. In this article, we will delve into the requirements and responsibilities of these institutions under the Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Counter-Proliferation Financing (CPF) legislation.
Background
According to Law No. 967, enacted in March 2011, financial institutions are required to comply with strict regulations aimed at combating financial crimes. The decree signed by the President of Tajikistan on December 12, 2017, designated the National Bank as the competent authority for AML/CFT/CPF legislation.
Regulatory Requirements
The Financial Monitoring Department under the National Bank operates as the national center responsible for collecting and analyzing suspicious transaction reports related to money laundering, terrorist financing, and proliferation financing. The department is led by Director Khalim Mirzoaliev, who works closely with other agencies to prevent and combat financial crimes in Tajikistan.
Responsibilities of Financial Institutions
The following are some key responsibilities of financial institutions under the AML/CFT/CPF legislation:
- Reporting suspicious transactions: Financial institutions must report any suspicious transaction that may be related to money laundering, terrorist financing, or proliferation financing.
- Compliance with regulations: Financial institutions must ensure compliance with all relevant regulations and laws related to AML/CFT/CPF.
- Risk assessment: Financial institutions must conduct regular risk assessments to identify potential vulnerabilities in their systems.
Contact Information
For more information on regulatory requirements, contact the Financial Monitoring Department at:
+992 (44)630-45-95 dmm@nbt.tj nbt.tj/ru/financial_monitoring 38/1, Rudaki Avenue, Dushanbe