Financial Crime World

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Turkmenistan’s Central Bank Unveils Tougher Compliance Procedures for Banks Amid Cyber Threats

In a bid to bolster cybersecurity in the country’s banking system, the Central Bank of Turkmenistan has approved a new procedure for ensuring compliance with cyber protection and information security requirements.

Enhanced Cybersecurity Measures

The guidelines, published by the Ministry of Justice’s Information Center, outline a comprehensive framework for banks to adhere to. The key measures include:

  • Establishing a robust cyber protection system: Banks must put in place a system that prevents unauthorized access and malicious software attacks.
  • Implementing network security protocols: Banks must ensure confidentiality and data integrity through adherence to established network security protocols.
  • Protecting critical information infrastructure objects: Banks must identify and protect critical information infrastructure objects, such as databases and servers.

Multifunctional One Window System and E-commerce Requirements

The procedure also outlines specific requirements for the multifunctional One Window system, e-commerce, log analysis, and business continuity plans. Banks must:

  • Implement a multifunctional One Window system: This system should facilitate secure transactions and data exchange.
  • Ensure secure e-commerce operations: Banks must implement measures to prevent cyber threats and ensure the security of online transactions.
  • Conduct regular log analysis: Banks must analyze logs to identify potential security breaches and take corrective action.
  • Develop business continuity plans: Banks must have plans in place to ensure continuity of operations in case of a cybersecurity incident.

Regular Cybersecurity Risk Assessments

A key component of the new procedure is the requirement for banks to conduct regular cybersecurity risk assessments. This will enable them to anticipate and mitigate potential threats, ensuring the security and integrity of their systems.

Scope and Availability

The document applies to all banks and money transfer organizations operating in Turkmenistan, with the full contents available online.