RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 19, 2003 No. 4/4

About the temporary instruction for work with deposits

Having considered the project of new edition of the Temporary instruction for work with deposits, the Board of National Bank of the Kyrgyz Republic decides:

1. Approve "The temporary instruction for work with deposits" in the new edition it (is applied) and enact it after 30 days from the moment of state registration in the Ministry of Justice of the Kyrgyz Republic.

2. To legal department and Management of methodology of supervision and licensing to carry out state registration of "The temporary instruction for work with deposits" in the Ministry of Justice of the Kyrgyz Republic.

3. Recognize invalid:

- the resolution of Board of National Bank of the Kyrgyz Republic of December 11, 2002 N48/10 "About the Temporary Instruction for Work with Deposits", from the moment of signing of this resolution;

- the resolution of Board of National Bank of the Kyrgyz Republic of July 22, 1998 N18/4 "About the Temporary Instruction for Work with Deposits", from the moment of enforcement of "The temporary instruction for the work with deposits" approved by this resolution.

4. To impose control of execution of this resolution on Sharshekeeva K. Sh., vice-chairman of National Bank of the Kyrgyz Republic.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of February 19, 2003 No. 4/4

Instruction for work with deposits

This Instruction is developed according to the Civil code of the Kyrgyz Republic, the laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", "About banks and banking activity in the Kyrgyz Republic", "About counteraction to financing of terrorism and to legalization (washing) of income gained in the criminal way" and determines procedure for opening, maintaining and closing of bank accounts of physical persons and legal entities and individual entrepreneurs of residents and nonresidents of the Kyrgyz Republic (further clients) in the commercial banks licensed by National Bank of the Kyrgyz Republic (further bank).

The purpose of this Instruction is establishment of the minimum requirements to operating mode of bank accounts (deposits) and procedure for carrying out transactions on them.

1. General provisions

Attraction of deposits is one of main types of transactions of banks and according to the Law of the Kyrgyz Republic "About banks and banking activity in the Kyrgyz Republic" only the banks which obtained the license of National Bank of the Kyrgyz Republic can perform it (further - National Bank). The procedure for opening, maintaining and closing of bank accounts is performed according to the legislation of the Kyrgyz Republic and regulations of National Bank.

For the purpose of development of the mechanism of work with deposits each bank shall develop the relevant internal regulating documents on attraction and work with deposits (policy, the procedure, etc.) which are subject to approval of bank by governing bodies (the Board of directors, Board). All basic provisions concerning making of transactions with deposits shall be reflected in these documents: rules of opening of bank accounts, procedure for the order money on them, payment procedure of deposits and percent on them, the rights of the client and the obligation of bank to investors, procedure for closing of bank accounts, procedure for storage of information in bank, etc., and also the procedure of identification and studying of the clients by commercial banks developed according to recommendations in Appendix 1.

For the purpose of non-admission of carrying out the transactions connected with financing of terrorism (extremism) and legalization (washing) of income gained in the criminal way in bank politicians and procedures of internal control, the corresponding difficulties and to scales of activities of bank, including on transactions (transactions) from remote access without direct contact with the client (for example, Internet banking), and subject to obligatory and full compliance shall be developed.

The policy developed by bank and the corresponding procedures shall conform to the requirements of National Bank stated in this Instruction.

In addition, all types and forms of the internal reporting developed by bank shall be given in regulating documents of bank.

For the purpose of exception of possibility of carrying out transactions by one bank employee from beginning to end functions of bank employees shall be accurately differentiated and reflected in job descriptions of staff of the relevant divisions of bank. Bank employees bear the personal responsibility for execution of the obligations.

The bank can constitute recommendations for clients about filling of forms of documentation, calculation of the added percent and other explanations. Percent are charged on each bank deposit agreement (deposit) on the deposit amount from the date of following behind day of its receipt in bank, about one the day preceding its return to the client or its write-off from customer account on other bases, stipulated by the legislation the Kyrgyz Republic.

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