Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 15, 2017 No. 2017-P-12/25-3

About approval of Rules of forming of internal control system and internal audit in the banks and non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic

(The last edition from 14-08-2019)

1. Approve Rules of forming of internal control system and internal audit in the banks and non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic according to appendix to this resolution.

2. This resolution becomes effective on June 22, 2017.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, microfinance companies, attracting deposits, OYuL "Union of Banks of Kyrgyzstan", JSC Finance Company of Credit Unions, regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

5. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic Dzhusupova T.Dzh.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-3

Rules of forming of internal control system and internal audit in the banks and non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic

1. General provisions

1. These rules on forming of internal control system and internal audit in the banks and non-bank financial credit institutions licensed and regulated by National Bank of the Kyrgyz Republic (further - Rules) establish requirements for the organization of internal control system and internal audit in the banks and microfinance companies having the right to attraction of deposits, including in the banks and microfinance companies performing transactions according to the Islamic principles of banking and financing or having "Islamic window", in JSC Finance Company of Credit Unions, licensed and regulated by National Bank of the Kyrgyz Republic (further - National Bank), and also in National bank of development of the Kyrgyz Republic (further - bank).

2. The purpose of Rules is determination of the requirements to forming at bank of internal control system providing implementation of effective control from the Board of directors, Bank board behind activities of bank and its financial condition including by providing:

- proper practice of corporate management and proper level of business ethics and culture;

- observance by bank and its workers of requirements of the legislation and regulatory legal acts of the Kyrgyz Republic;

- observance by bank and its workers of requirements politician and other internal documents of bank;

- effective management of risks of bank by means of their timely identification, measurement, control and monitoring for ensuring compliance of the capital of bank to level accepted by it it is risk;

- timely detection and remedial action in activities of bank and its workers;

- creations in bank of adequate mechanisms for the solution of unforeseen or emergency situations.

3. In Rules the following concepts are used:

Internal audit is activities (independent expert function) for check and assessment of sufficiency (adequacy) and system effectiveness of internal control of bank performed by independent service of internal audit which is created for carrying out internal audit and assistance of bank to governing bodies in ensuring effective and safe functioning of bank on the basis of objective assessment and recommendations about enhancement of internal control system of bank.

Internal control - the continuous process which is carried out by bank for the purpose of ensuring the ordered and effective implementation of activities according to requirements of the legislation of the Kyrgyz Republic and internal documents of bank.

Internal control system of bank - complex (systems) of interconnected control measures at all levels of management and fields of activity of bank for ensuring goal achievement and the organization of safe activities of bank.

Conflict of interest - situation in case of which there is contradiction between personal interest of officials of bank and (or) its workers and proper execution of the ex-officio full powers by them or valuable and other interests of bank and (or) its workers and (or) clients who can entail emergence of risks of adverse effects for bank and (or) its clients.

Full text available with active License only!

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 38000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.