RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF TAJIKISTAN

of September 27, 2019 No. 117

About approval of the Procedure for cross-border transfer of money and activities of the payment service providers making such transfer in the Republic of Tajikistan 070.170.010

According to part 2 of article 32 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan", part 9 of article 20 of the Law of the Republic of Tajikistan "About payment services and payment system" and part 4 of article 4 of the Law of the Republic of Tajikistan "About currency control and currency exchange control", the Board of National Bank of Tajikistan DECIDES:

1. Approve the Procedure for cross-border transfer of money and activities of the payment service providers making such transfer in the Republic of Tajikistan it (is applied).

2. In accordance with the established procedure to provide this resolution to the Ministry of Justice of the Republic of Tajikistan for state registration and to enact after state registration and official publication.

3. Authorize Department of management of the international reserves and politicians of the currency rate, Management of payment systems in case of state registration of this resolution in the Ministry of Justice of the Republic of Tajikistan if necessary to make to the text of appendix of this resolution changes and amendments of editorial nature which are not changing it content.

4. To assign execution of Item 2 of this resolution to the Secretary of Board, Department of management of the international reserves and politicians of the currency rate, Management of payment service providers, Legal department and Department of the press.

5. To impose control of execution of this resolution on the First Deputy Chairman of National Bank of Tajikistan Nuraliyev D. K.

Board members: Nuraliyev D. K. ______________         Salimova L. D. _____________ Hayrzoda Sh. K. _____________

Solekhzoda A. A. ____________ Rakhmatzoda Х.Б _____________

Approved by the Resolution of Board of National Bank of the Republic of Tajikistan of September 27, 2019, No. 117

Procedure for cross-border transfer of money and activities of the payment service providers making such transfer in the Republic of Tajikistan

The procedure for cross-border transfer of money and activities of the payment systems making such transfer in the Republic of Tajikistan (further - the Procedure), is developed in compliance by part 2 of article 32 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan", part 9 of article 20 of the Law of the Republic of Tajikistan "About payment services and payment system" and part 4 of article 4 of the Law of the Republic of Tajikistan "About currency control and currency exchange control" and determines procedure for cross-border transfer of money without opening of the bank account and activities of the payment systems making such transfer in the Republic of Tajikistan and also requirements for connection to the National processing center for money transfers.

Chapter 1. General provisions

1. In this Procedure the following basic concepts are used:

- cross-border transfer of money without opening of the account (further - cross-border transfer) - money transfer when which implementing the payer or the receiver of means is outside the Republic of Tajikistan and/or money transfer, when implementing which the payer or the receiver of means are serviced by foreign Central (national) Bank or other foreign bank;

- payment system - set of the organizations interacting by rules of payment system for the purpose of implementation of money transfer and having the license of National Bank of Tajikistan;

- the guaranteeing organization - bank which for accomplishment of obligations of the operator of payment system - the member of the National processing center for money transfers opens correspondent account in National Bank of Tajikistan and within the placed money on this correspondent account guarantees implementation of calculations. The operator of payment system can use guarantee of this guaranteeing organization if he according to regulatory legal acts of country of incorporation (or locations of head office) has no right to open correspondent account and/or to place money in National Bank of Tajikistan.

- The national processing center for money transfers (further - the National center) - software and hardware complex of National Bank of Tajikistan which provides calculations for cross-border money transfers without opening of the account through correspondent accounts of Participants or within the placed money of the Guaranteeing organization with use of electronic means of acceptance, processing, transfer and information security;

- Banknet-M - the protected communication network of National Bank of Tajikistan;

- National Bank of Tajikistan (for the purposes of this Procedure) - clearing bank on all transactions in the National center;

- the operator of payment system - the legal entity who is determining rules of payment system and carrying out other obligations according to the Law of the Republic of Tajikistan "About payment services and payment system";

- members of the National center (further - Participants, separately - the Participant) - the credit financial institutions and operators of payment systems;

- interbank calculations - calculations between Participants for accomplishment of the monetary claims and obligations on cross-border transfers initiated by their clients according to rules of payment system within which there is cross-border transfer;

- the correspondent settlement account - the correspondent account intended for carrying out calculations within transactions of the National center;

- operational day - the working day during which the National center performs acceptance/transfer, processing and execution of financial and not financial messages. The National Bank of Tajikistan establishes operational day of the National center;

- the clearing report - the document which is constituted by the National center, specifying obligations and requirements of the Participant for cross-border transfers in certain period;

2. The National Bank of Tajikistan provides functioning of the National center and renders services in carrying out calculations between Participants for cross-border money transfers of clients.

3. The National Bank of Tajikistan provides to Participants application of rules and single technical regulations in the field of maintaining correspondent accounts, exchange and processing of electronic documents.

4. The participant shall when implementing transaction on money transfers observe the legislation of the Republic of Tajikistan, including in the field of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction.

5. The National Bank of Tajikistan ensures safety of information transferred to the National center, carries timely and correctly out cross-border transfers, and also carries out calculations between Participants.

6. The guaranteeing organization shall have credit score of the investment grade of one of the international rating agencies - not lower than category "VVV-", assigned by Standard & Poor rating agency "to s (USA), categories "Baa3" on Moody" are not lower than s Investors Service (USA), categories "BBB" on Fitch - IBCA (USA) are not lower or to have the rating of national rating agency which is recognized the Central (national) Bank of country of source of the guaranteeing organization and equivalent to the rating of the listed international rating agencies. In case of decrease in the above-stated international credit rating or identification of the facts of legalization (washing) in income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction from the guaranteeing organization, the operator of payment system shall on the basis of the requirement of National Bank of Tajikistan attract other bank as the guaranteeing organization.

Chapter 2. Procedure of cross-border transfers

1. Cross-border transfers in the Republic of Tajikistan are made only through the National center.

2. Main objectives of the National center are:

- ensuring carrying out reliable, bystry and safe cross-border money transfer without opening of the bank account in non-cash form of calculations between Members of the National center;

- maintenance of banking system stability of Tajikistan in the field of money turnover, decrease in operational risks and costs of bank system of the Republic of Tajikistan, increase in transparency of transactions;

- implementation of monitoring for the purpose of fulfillment of requirements of the Law of the Republic of Tajikistan "About counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction".

3. The national center functions on the basis of the following principles:

- transparency of processing of the electronic payment document;

- the single interface provided to Participants for access to transactions in the payment systems connected to the National center;

- initiation of the transactions connected with transfer from the Participant;

- implementation of the transactions connected with cross-border transfers within means on correspondent and settlement accounts of the Participants or money placed by the guaranteeing organization;

- high degree of safety, efficiency and reliability.

4. Transactions on money transfers in the National center it is performed in national currency - somoni and foreign currency.

5. The main conditions for accomplishment of calculations and carrying out transactions on cross-border money transfers in the National center are the following:

- opening of operational day;

- sufficient amount of money on the correspondent settlement account of the Participating operator of payment system or correspondent account of the guaranteeing organization in National Bank of Tajikistan, the covering average daily turnover on cross-border money transfers to the Republic of Tajikistan, less cross-border money transfers from the Republic of Tajikistan, including in days off and holidays.

6. For the purpose of execution of orders on cross-border money transfers and implementation of calculations for transactions in the National center, the Participant shall open in National Bank of Tajikistan correspondent and correspondent settlement accounts or to provide involvement of the guaranteeing organization.

7. The procedure and conditions of opening of bank accounts are determined by the Instruction No. 171 "About procedure for opening, renewal and closing of bank accounts with the credit financial institutions in the Republic of Tajikistan" which is approved by the resolution of Board of National Bank of Tajikistan of April 28, 2011 No. 74 and is registered in the Ministry of Justice of the Republic of Tajikistan of June 10, 2011 No. 545 "a".

8. For the purpose of ensuring obligation fulfillment of the Participant, the National Bank of Tajikistan performs orders on cross-border money transfers within the money which is available on the correspondent settlement account of the Participant or money placed by the guaranteeing organization.

9. For the purpose of implementation of transactions on cross-border money transfers, the National center provides information and financial exchange of Participants.

10. After accomplishment of transaction on cross-border money transfer the National center automatically and without delay sends information on its execution by means of the approved communication channel to the corresponding Participant.

11. Based on orders on cross-border money transfers of the Participants accepted to execution within one operational day, the National Bank of Tajikistan creates clearing reports of Participants.

12. After completion of forming of the clearing report of Participants, the National Bank of Tajikistan on their basis in procedure without acceptance performs cash write-off from correspondent settlement accounts of Participants or transfer on correspondent settlement accounts of Participants.

13. After implementation of calculations between Participants, the National Bank of Tajikistan sends to the Participant the statement from the correspondent settlement account by means of the SWIFT system and/or other approved means of communication.

14. For the purpose of providing the status of national currency as single legal currency and payment, the National Bank of Tajikistan can establish procedure for issue in the national currency of this or that foreign currency converted by physical persons to the Republic of Tajikistan without opening of the bank account.

15. The currency accumulated from the cross-border money transfers issued by the credit financial institutions in national currency is on sale in the interbank foreign exchange market according to the Instruction No. 180 "About operating procedure of the interbank foreign exchange market by means of electronic trading system" which utverzhdyona the resolution of Board of National Bank of Tajikistan of February 1, 2011 No. 4.

Chapter 3. Procedure for connection of participants to the National center

16. The operators of payment systems functioning in the Republic of Tajikistan for accession to the National center provide to National Bank of Tajikistan the following documents:

- applicable fares with the credit financial institutions;

- the statement according to Appendix to this Procedure;

- the list of the credit financial institutions of the Republic of Tajikistan with which the payment system interacts.

17. For accession to the National center, the credit financial institutions having contracts with operators of payment systems provide the following documents in National Bank of Tajikistan:

- verified copies of agreements and applicable fares with operators of payment systems;

- the statement according to Appendix to this Procedure.

18. After provision of the necessary documents provided by Items 21 and 22 of this Procedure for connection of the Participant to the National center, between National Bank of Tajikistan and the Participant the agreement is signed. Based on this agreement, the National Bank of Tajikistan will provide process of connection of the Participant to the National center. This agreement at least shall contain the following main conditions:

1) Agreement of accession of the credit financial institution to the National center:

requirements for connection to the National center;

procedure for determination of routing of requests;

procedure for accomplishment of calculations;

the providing mechanism the means of communication, exchange of information are also sewn up data;

rights and obligations of the Parties;

confidentiality mode;

responsibility of the parties;

procedure for consideration of disputes;

force majeur circumstances;

effective period, procedure for change and agreement cancelation;

2) the Treaty of Accession to the National processing center for money transfers and technological interaction (Treaty of Accession):

requirements for connection to the National center;

procedure for routing of requests;

procedure of clearing and calculations;

the providing mechanism the means of communication, exchange of information are also sewn up data;

rights and obligations of the Parties;

confidentiality mode;

responsibility of the parties;

procedure for consideration of disputes;

force majeur circumstances;

effective period, procedure for change and agreement cancelation.

In view of features of functioning of Participants the structural division of National Bank of Tajikistan which assigns management of the National center (the relevant structural division) in approval of Participants can bring additional terms in the agreement. In approval of Participants the relevant structural division determines content of the minimum conditions. The draft agreement about accession taking into account provisions of this Procedure with reasons for conditions is prepared by the relevant structural division and is provided for signing to management of National Bank of Tajikistan.

19. For technical connection to the National center, the operator of payment system provides the following technical information:

description of the protocol of interaction between the operator of payment system and National center;

test connection, with all necessary details;

digital certificates - client and service, when applicable in this case;

scenarios of testing, for confirmation from the National center and the operator of payment system of correctness of realization of integration;

contact information of the technical specialist for operational solution of the problems.

20. After the organization of testing of integration of the operator of payment system and the National center, including all transactions on cross-border money transfers in payment system and confirmations of its successful completion, from National Bank of Tajikistan and the operator of payment system the statement of readiness of the Participant for work in the National center and the operator of payment system is drawn up or guaranteeing the organization provides placement of necessary money on correspondent accounts for carrying out transactions in the territory of the Republic of Tajikistan;

21. The operator of payment system sends the written notice to the partners in the Republic of Tajikistan about start date of activities in the National center. From this date, all transactions on cross-border money transfers without opening of the account of this operator of payment system are performed only by means of the National center.

22. The operator of payment system shall beforehand (at least a month before the introduction in action) in writing to notify National Bank of Tajikistan on changes in rules of work of payment system and/or change in technological framework of the Participant.

23. For technological connection of the credit financial institutions to the National center, the National Bank of Tajikistan provides API packet for carrying out transactions in the National center software of the Participant and the IP address in Banknet-M network for connection of the Participant via the WEB INTERFACE.

24. In case of discrepancy of the statement of the credit financial institution or the operator of payment system to requirements of this Procedure, the National Bank of Tajikistan has the right to refuse to them connection to the National center.

25. The participant shall provide nondisclosure of bank secrecy and personal data protection according to the legislation of the Republic of Tajikistan.

Chapter 4. Procedure for the termination or suspension of operations of the participant in the National center

26. The National Bank of Tajikistan has the right to suspend activities of the Participant in the National center in the following cases:

non-compliance with the legislation of the Republic of Tajikistan by the Participant of requirements and this Procedure;

non-compliance with accomplishment of obligations of the Participant under the agreements connected with participation in the National center;

revocation of license of the credit financial institution or operator of payment system.

27. In case of regular emergence of the cases specified in the first and/or second paragraphs of Item 32 presents of the Procedure National Bank of Tajikistan has the right to stop activities of the Participant in the National center.

28. In case of approach of the cases specified in Items 32 and 33 of this Procedure, the National Bank of Tajikistan sends to the Participant on the established communication channels, including e-mail, the formal notice on the termination or suspension of operations in the National center with indication of their bases.

29. In case of suspension of operations of the Participant in the National center, in the directed notification the term (which is not exceeding 30 calendar days) for remedial action is established.

30. In case of not remedial action in the time established in Item 35 of this Procedure, activities of the Participant in the National center stops. Activities of the Participant in the National center are resumed after remedial action, specified in the notification of National Bank of Tajikistan.

31. Date of the termination of activities of the Participant is recognized the National center date of agreement cancelation.

32. In case of the termination or suspension of operations of the Participant in the National center, National Bank of Tajikistan the money having the right to charge the Participant with the subsequent notification off its correspondent settlement account or from correspondent account of the guaranteeing organization for obligation fulfillment of the Participant before other Participants provided by this Procedure, contracts between the Participant and other Participants or contracts between the Participant and National Bank of Tajikistan on money transfers through the National center.

Chapter 5. Final provision

33. The participant shall not, without prior consent National Bank of Tajikistan, to disclose to the third parties information on availability and/or contents of the software, technical and other solutions intended for work in the National center.

34. Ensuring execution of requirements of this Procedure is assigned to Participants, control over its observance is exercised from the relevant structures of National Bank of Tajikistan.

35. In case of non-compliance with requirements of this Procedure by Participants, the National Bank of Tajikistan has the right to apply in relation to Participants urgent remedial measures and corrective actions according to article 30 of the Law of the Republic of Tajikistan "About payment services and payment system" and article 48 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan".

Appendix

to the Procedure for cross-border transfer of money and activities of the payment service providers making such transfer in the Republic of Tajikistan

Statement

I ask присоединить________________________________________________________________________

__________________________________________________________________________________________

                                    (full name of the Participant and legal address)

to the National center for money transfers for provision of the following services:

__________________________________________________________________________________________

__________________________________________________________________________________________

__________________________________________________________________________________________

_______________________ M.P. _________________

    (Head's full name)                   (Signature)

_______________________           __________           _________________

(Full name of the chief accountant)              (date)                       (Signature)

 

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