of June 13, 2019 No. 2019-P-12/31-2-(NPA)
About approval of the Instruction for work with bank accounts, the accounts on bank deposits (deposits) opened according to the Islamic principles of banking and financing
According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:
3. To legal management:
- publish this resolution on the official website 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 of banks to bring this resolution to the attention of JSC KYRGYZSTAN Commercial Bank, BTA Bank Ltd, Ekoislamikbank Ltd, JSC BAKAY BANK, OYuL "Union of Banks of Kyrgyzstan", the relevant structural divisions, 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 the National Bank of the Kyrgyz Republic supervising Management of methodology of supervision and licensing of banks.
Chairman of the board of National Bank of the Kyrgyz Republic
to the Resolution of Board of National Bank of the Kyrgyz Republic of June 13, 2019 No. 2019-P-12/31-2-(NPA)
This Instruction determines the minimum requirements to operating mode with bank accounts, accounts on bank deposit (deposit) opened according to the Islamic principles of banking and financing and to procedure for carrying out transactions on them.
This Instruction extends to banks and the microfinance companies and credit unions performing transactions according to the Islamic principles of banking and financing attracting deposits including within "Islamic window" (further - banks).
This Instruction does not extend much opening and closings of the accounts other than bank account agreement or bank deposit (deposit), according to the legislation of the Kyrgyz Republic.
1. The right of attraction of deposits belongs to banks, acting on the basis of the license granted by National Bank of the Kyrgyz Republic (further - National Bank).
Regulating documents of bank (policy, provisions, etc.) regulating operating procedure with bank accounts, accounts on bank deposits (deposits) shall be approved by Sharia council.
2. All basic provisions concerning transactions with bank accounts, accounts on bank deposits (deposits) shall be reflected in internal documents of bank:
- procedure for opening of bank accounts;
- procedure for opening of accounts on bank deposits (deposits);
- order conditions the money placed on these accounts;
- payment procedure of money and (deposit) added remunerations/profit shares on bank deposit agreements;
- rights of the client and obligation of bank to it;
- procedure for closing of bank accounts, accounts on bank deposits (deposits);
- procedure for storage of information the bank, etc., besides, shall contain all types of the internal reporting provided by bank and also the procedure of identification and studying of the clients by banks developed according to requirements of this Instruction.
3. For prevention of carrying out the transactions connected with legalization (washing) of the criminal income and financing of terrorist or extremist activities, banks shall develop 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, and subject to obligatory and full compliance.
4. For the purpose of non-admission of carrying out transactions by one bank employee on customer service 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.
5. The bank when opening the account without fail shall explain to the client rules of filling of the provided document forms and procedure of payments added remunerations/profit shares on contribution (deposit), and also to make other explanations.
6. The basis of opening of the bank account and account on bank deposit (deposit) is the conclusion of bank account agreement and bank deposit agreement (deposit) respectively.
Opening of the bank account, account on bank deposit (deposit) is made only if the bank receives all stipulated by the legislation the Kyrgyz Republic and regulatory legal acts of National Bank documents, and also identification of the client and beneficial owner according to the legislation of the Kyrgyz Republic is carried out.
Banks shall perform requirements of the legislation of the Kyrgyz Republic, including the regulatory legal acts of National Bank establishing other requirements which are not specified in this Instruction, and describing procedure for opening and maintaining bank accounts, accounts on bank deposits (deposits), accounting of means and submission of the reporting to National Bank on these accounts and also servicing of separate legal entities during the work with their bank accounts.
7. Banks shall observe procedure and storage durations of the records containing the data on transactions with money of clients, and also the data and records relating to identification of the client and beneficial owner established by the legislation of the Kyrgyz Republic. Information in such records shall be sufficient to have opportunity to make recovery of information on separate transactions for the purpose of provision of the corresponding proofs for consideration and investigation, and to contain, at least, the following data: amount of transaction, account number, account type, transaction currency, account name, date, transaction type, purpose of payment. The accounts submitted when opening documents according to requirements of this Instruction shall be hemmed and be stored in bank in the special opened case on each client together with the original of the agreement.
8. The basis of closing of the bank account, account on bank deposit (deposit) is termination of the contract of the bank account, bank deposit (deposit) according to the procedure, stipulated by the legislation the Kyrgyz Republic.
9. In this Instruction the following terms and determinations are used:
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