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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of November 30, 2012 No. 625

About approval of the Instruction about the organization of internal control system in banks, "Development Bank of the Republic of Belarus" open joint stock company, the non-bank credit and financial organizations, banking groups and bank holdings

(as amended on 29-06-2016)

Based on the paragraph of third of part four of Article 34, and in pursuance of paragraph two of article 4 of the Law of the Republic of Belarus of July 13, 2012 "About entering of amendments and changes into the Bank code of the Republic of Belarus" the Board of National Bank of the Republic of Belarus DECIDES: parts one of article 39 of the Bank code of the Republic of Belarus

1. Approve the enclosed Instruction about the organization of internal control system in banks, "Development Bank of the Republic of Belarus" open joint stock company, the non-bank credit and financial organizations, banking groups and bank holdings.

2. Recognize invalid:

the resolution of Board of National Bank of the Republic of Belarus of June 18, 2008 No. 74 "About modification and amendments in the Instruction about the organization of internal control in banks and the non-bank credit and financial organizations" (The national register of legal acts of the Republic of Belarus, 2008, No. 174, 8/19131);

Item 2 of the resolution of Board of National Bank of the Republic of Belarus of August 31, 2010 No. 374 "About entering of amendments and changes into some regulatory legal acts of National Bank of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2010, No. 225, 8/22777).

3. This resolution becomes effective since January 22, 2013.

Chairman of the board

N. A. Ermakova

Approved by the Resolution of Board of National Bank of the Republic of Belarus of November 30, 2012 No. 625

The instruction about the organization of internal control system in banks, "Development Bank of the Republic of Belarus" open joint stock company, the non-bank credit and financial organizations, banking groups and bank holdings

Chapter 1. General provisions

1. This Instruction establishes requirements to the organization of internal control system in banks, "Development Bank of the Republic of Belarus" open joint stock company, the non-bank credit and financial organizations (further – banks), banking groups and bank holdings.

2. For the purposes of this Instruction following terms have the following values:

internal control – the process performed by bank for the purpose of ensuring the ordered and effective implementation of activities according to requirements of the legislation of the Republic of Belarus and local regulatory legal acts of bank;

internal control system – set of internal control, internal audit, organizational structure, the local regulatory legal acts determining strategy, policy, techniques and procedures of internal control, and also powers and responsibility of governing bodies of bank and officials;

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