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Ministry of Justice

Republic of Tajikistan 

 On March 27, 2014 No. 192 "b"

Approved by the Resolution of Board of National Bank of Tajikistan of January 30, 2014, No. 13

Procedure for conducting check of the credit financial institutions, generalization and provisions of its results

(as amended of the Resolution of Board of National Bank of Tajikistan of 14.07.2020 No. 92)

The procedure for conducting check of the credit financial institutions, generalization and provisions of its results (further - the Procedure) is developed according to part 7 of article 47 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" and part 7 of article 58 of the Law of the Republic of Tajikistan "About Islamic banking activity" establishes procedure for conducting check of the credit financial institutions, generalization and provisions of its results.

Chapter 1. General provisions

1. Check of the credit financial institutions, including their branches and structural divisions is carried out by National Bank of Tajikistan for implementation of functions of bank regulation and supervision.

2. This Procedure extends to the following credit financial institutions:

- banks and Islamic banks;

- subsidiary bank of the credit financial institution outside the Republic of Tajikistan;

- non-bank credit institutions and Islamic non-bank credit institutions;

- microfinancial organizations and Islamic microfinancial organizations;

- branches (Islamic bank window) and other structural divisions of the credit financial institutions (the centers of bank servicing, portable divisions and others) (further - structural divisions);

- representative offices of the credit financial institutions in the Republic of Tajikistan;

- branches and representative offices of the credit financial institution outside the Republic of Tajikistan;

- branches and representative offices of foreign banks and foreign Islamic banks in the Republic of Tajikistan.

3. The credit financial institutions are performed from the point of view of risk of the oriented supervision and the principles of Islamic financing with frequency and it is determined taking into account the following questions:

- financial condition;

- risk exposures;

- estimates of risk management systems and organization of internal control;

- reliability of accounting and reporting;

- result of the previous checks.

4. Main objective of carrying out by National Bank of Tajikistan of check of the credit financial institutions is assessment on the place of general financial condition, or the separate directions them activities, including assessment of observance of the bank law of the Republic of Tajikistan and regulatory legal acts of National Bank of Tajikistan, reliability of accounting and the reporting, determination of the extent of risks, assets, obligations, quality evaluation of assets, the size and capital adequacy, risk management system and the organizations of internal control, financial condition and the prospects of activities, and also identification of the actions and attempts menacing to interests of investors and creditors. In relation to Islamic credit institutions will also be it is performed on compliance to the Islamic principles of financing.

5. The inspection of the credit financial institution which is carried out by National Bank of Tajikistan does not carry out tasks of the inspections which are carried out by auditing organizations and the documenting audits performed according to the legislation of the Republic of Tajikistan for collection of proofs on criminal and another matters.

6. Check of the credit financial institutions, including banks / Islamic banks and the non-bank financial organizations / Islamic non-bank credit institutions is carried out at least once a year, and check of representative offices of the credit financial institutions and microfinancial organizations / Islamic microfinancial the organizations at least once within two years by authorized representatives (employees) of National Bank of Tajikistan (further - authorized representatives). Islamic bank windows of credit institutions are performed at least once in two year.

7. Check of the credit financial institution covers certain period of activities which cannot exceed five calendar years of activities preceding year of conducting check.

8. The credit financial institutions are performed based on the plan of complex check. The verification plan is constituted every quarter by structural division on banking supervision of National Bank of Tajikistan and its territorial departments and affirms their heads.

9. Unscheduled (thematic) inspection of the credit financial institutions is performed on instruction of the Chairman of National Bank of Tajikistan or its deputy supervising structural division on banking supervision and currency control and also for specifying of managing (chief) of territorial department of National Bank of Tajikistan.

10. The verification plan joins first of all the credit financial institutions concerning which data on their unstable financial position or the abuses of regulations allowed by them in their activities arrived.

11. Employees of structural division on banking supervision of National Bank of Tajikistan and the experts involved to these purposes from other structural divisions and territorial departments are part of authorized representatives.

12. The credit financial institution is performed based on the document confirming powers of authorized representatives on conducting check (further - the Order).

13. In the Order the members of authorized representatives with indication of the head and members of group of check are determined.

14. The order is constituted in duplicate according to appendix No. 1.

15. In case of change of members of group of check the amendment to the Order which is integral part of the Order is drawn up and according to appendix No. 2 it is constituted in duplicate. 

16. The following officials of National Bank of Tajikistan (further - the official) have rights to signing of the Order:

- The chairman of National Bank of Tajikistan, the vice-chairman of National Bank of Tajikistan supervising structural division on banking supervision and persons them replacement;

- the head of territorial department of National Bank of Tajikistan and person replacing it.

17. The curator (the specialist structural division on banking supervision together with the relevant divisions) the checked credit financial institution prior to check shall prepare the following information;

- single consolidated financial statement;

- report on the analysis of financial activities;

- shortcomings within year;

- shortcomings of weak spots i.t.d.

18. Check of the credit financial institution begins with the moment of presentation by the head of group of verification of the Order (further - start date of check).

19. Check of the credit financial institution comes to the end after transfer of the inspection statement of the credit financial institution for acquaintance based on the protocol of reception-transmission (further - date of completion of check).

20. The review period of the credit financial institution depending on the number of branches, structural divisions, amount of its assets and liabilities can be established up to 50 calendar days. In reasonable cases the review period can be prolonged up to 10 calendar days.

21. The check performed according to the petition of the credit financial institution is carried out on different questions, for the period and to terms which are coordinated with the credit financial institution.

22. The National Bank of Tajikistan has no right to carry out more than one inspection on the same questions for the same period of activities of the credit financial institution, except as specified, if such inspection is carried out:

- in communication by reorganization or liquidation of the credit financial institution;

- on board decision of National Bank of Tajikistan. Such board decision of National Bank of Tajikistan can be made according to the procedure of control of activities of territorial department of National Bank of Tajikistan performing or based on the petition of the relevant structural division of National Bank of Tajikistan for the purpose of assessment of financial condition, quality of assets and liabilities of the credit financial institution. For the specified purposes the petition of structural division of National Bank of Tajikistan shall contain instructions on the revealed signs of unstable financial condition of the credit financial institution or not compliance to the Islamic principles of financing if these signs created real threat to interests of her investors, creditors and holders of investment accounts.

23. Assessment of financial condition, quality of assets and liabilities of the credit financial institution shall come to light according to the techniques established by regulatory legal acts of National Bank of Tajikistan.

24. In case of conducting repeated check of the credit financial institution, in the Order the checked period and the questions which are subject to check are specified.

25. The official based on the report of the head of group of check can make the decision on suspension or the termination of check of the credit financial institution in the presence of the following circumstances:

a) bases for suspension:

- threats of life and to health of the head and members of group of check;

- counteractions to conducting check of the credit financial institution;

- other cases interfering conducting check.

b) basis for the termination:

- response at the credit financial institution of the license for banking operations;

- appointments of temporary administration on management of the credit financial institution;

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