Approved by Board decision of National Bank of Tajikistan of January 25, 2000 No. 1

Regulations on the organization of internal control in banks

1. General provisions

1.1. This Provision is developed according to requirements of the bank and current legislation, accounting of international standards of banking activity and determine conditions of the organization of internal control in banks, except National Bank of Tajikistan (further banks).

1.2. Main objective of internal control system in bank is protection of legitimate interests of bank, his creditors and clients by the organization of control of observance by bank employees of the legislation and standards of professional activity, ensuring proper level of reliability corresponding to nature and scales of the operations performed by bank and risk minimization of banking activity.

1.3. The internal control system shall meet the requirements established by this Provision, other regulations of National Bank of Tajikistan correspond to nature and scales of the operations performed by bank and to provide accomplishment of the tasks set for it governing bodies of bank.

1.4. Banks perform creation of internal control system, create services of internal control according to this Provision.

Data on service of internal control, on procedure for its education and its power shall be reflected in charters of banks and are regulated by this Provision.

2. Purposes and tasks of internal control

2.1. Main objectives of internal control system are:

- ensuring compliance by all bank employees in case of accomplishment of the service duties of requirements of the current legislation of the Republic of Tajikistan, regulatory legal acts of National Bank of Tajikistan, including the orders of the Government of the Republic of Tajikistan, and also the standards of professional activity, the internal documents determining policy and regulating activities of bank;

- ensuring control of timely identification, assessment and taking measures to risk minimization of banking activity.

2.2. The main objectives of internal control are:

- accomplishment of requirements of the current legislation of the Republic of Tajikistan by bank and regulatory legal acts of National Bank of Tajikistan;

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