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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of February 12, 2016 No. 69

About approval of the Instruction about establishment of requirements to the organization of internal control and risk management in Forex companies, National Forex center

Based on the paragraph of the third Item 10, of the paragraph of the fifteenth Item 17 of the Presidential decree of the Republic of Belarus of June 4, 2015 "About implementation of activities in the Forex curb market" and parts one of article 39 of the Bank code of the Republic of Belarus the Board of National Bank of the Republic of Belarus DECIDES: No. 231

1. Approve the enclosed Instruction about establishment of requirements to the organization of internal control and risk management in Forex companies, National Forex center.

2. This resolution becomes effective since March 7, 2016.

Chairman of the board

P.V.Kallaur

Approved by the Resolution of Board of National Bank of the Republic of Belarus of February 12, 2016 No. 69

The instruction about establishment of requirements to the organization of internal control and risk management in Forex companies, National Forex center

Chapter 1. General provisions

1. This Instruction establishes requirements to the organization of internal control and risk management in Forex companies, National Forex center.

2. For the purposes of this Instruction following terms are used in the following values:

internal control - process, the performed Forex companies, National Forex center for the purpose of ensuring effective activities in the Forex curb market according to requirements of the legislation and local regulatory legal acts Forex companies, National Forex center;

internal control system - set of internal control, organizational structure, the local regulatory legal acts determining policy, techniques and procedures of internal control, and also powers and responsibility of governing bodies and employees Forex companies, National Forex center;

risk - objectively existing possibility (probability) of losses (losses), non receipt of the planned income, deteriorations in liquidity and (or) approach of other adverse effects caused by emergence of various events connected with internal and (or) external factors of activities Forex companies, National Forex center;

risk management system - the set of organizational structure, powers and responsibility of governing bodies and employees, local regulatory legal acts determining policy, techniques and procedures of risk management, risk management process allowing to provide financial stability Forex companies, National Forex center.

For the purposes of this Instruction to Forex companies the legal entities specified in the paragraph the second to part one of Item 1 of the Presidential decree of the Republic of Belarus of June 4, 2015 No. 231 "About implementation of activities in the Forex curb market" belong (The national legal Internet portal of the Republic of Belarus, 06.06. 2015, 1/15836).

Chapter 2. Requirements to the organization of internal control in Forex companies, national Forex center

3. The internal control system in Forex companies, National Forex center is provided with the skilled employees, necessary information systems and program technical means allowing to perform collection, processing, the analysis, transfer and information security, used for internal control.

4. The internal control system in Forex companies, National Forex center includes such directions as control:

safety of assets and investments;

reliability, completeness, objectivity and timeliness of conducting financial accounting, creation and submission of the reporting;

implementation of measures for prevention of legalization of income gained in the criminal way, financings of terrorist activities and financing of distribution of weapons of mass destruction;

efficiency of functioning of risk management systems;

activities of information systems;

managements of information flows (obtaining and information transfer);

ensuring information security;

works with addresses of citizens and legal entities.

Forex company, National Forex center has the right to determine the additional directions of internal control in the local regulatory legal acts.

5. For the purpose of forming of system of the effective internal control providing the proper level of financial stability and information security corresponding to nature and amount of the made financial transactions (transactions), Forex company, National Forex center shall be provided:

development and approval of the local regulatory legal act regulating policy of internal control and activities of structural division of internal control, procedure for informing heads Forex companies National Forex center about the results received in the course of implementation of internal control;

development and approval of the local regulatory legal act regulating technique and procedures of internal control, procedure and frequency of implementation of actions for the directions of internal control specified in item 4 of this Instruction;

creation of the structural division exercising internal control and submitting directly to the head;

the organization of internal control system, distribution of responsibility and powers between employees, procedure for decision making excluding possibility of conflict of interest in the course of implementation of internal control;

participation of governing bodies Forex companies, National Forex center in the organization and functioning of internal control system, and also distribution of powers on implementation of internal control and responsibility between governing bodies, structural divisions and employees;

evaluating compliance of heads Forex companies, National Forex center and the staff of the structural division exercising internal control, to the qualification requirement and requirements to goodwill established by the legislation.

6. Internal control is exercised with use of the following forms (methods):

the internal control exercised by governing bodies Forex companies, National Forex center by means of receipt of the regular management reporting, other information on results of activities of structural divisions, explanations of heads of the relevant structural divisions for the purpose of identification of shortcomings (violations, mistakes);

internal control behind distribution of powers between employees when making financial transactions (transactions) and other activities;

the accounting control directed to forming of complete and reliable information about making of financial transactions (transactions) and other activities for the purpose of ensuring safety of assets and property;

the material (physical) control exercised by way of check of restriction of access to material values, recalculation of material values, ensuring protection of the room for their storage;

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