Procedure for Cross-Border Money Transfers and Payment Systems Engaged in Such Transfers in the Republic of Tajikistan

1

“Registered” by the Ministry of Justice of the Republic of Tajikistan No. 992 dated November 15, 2019

“Approved” by the Board of the National Bank of Tajikistan No. 117 dated September 27, 2019

“Registered” by the Ministry of Justice of the Republic of Tajikistan No. 9921 dated September 13, 2023

“Approved” by the Board of the National Bank of Tajikistan No. 86 dated August 23, 2023

“Registered” by the Ministry of Justice of the Republic of Tajikistan No. 9922 dated August 21, 2025

“Approved” by the Board of the National Bank of Tajikistan No. 96 dated July 23, 2025

Procedure for Cross-Border Money Transfers and Activities of Payment Systems Carrying Out Such Transfers in the Republic of Tajikistan

The Procedure for Cross-Border Money Transfers and Activities of Payment Systems Carrying Out Such Transfers in the Republic of Tajikistan (hereinafter referred to as the Procedure) is developed in accordance with part 2 of Article 32 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan”, part 9 of Article 20 of the Law of the Republic of Tajikistan “On Payment Services and the Payment System”, and part 4 of Article 4 of the Law of the Republic of Tajikistan “On Currency Regulation and Currency Control”. It determines the procedure for cross-border money transfers without opening a bank account and the activities of payment systems carrying out such transfers in the Republic of Tajikistan, as well as the requirements for connecting to the National Processing Center for Money Transfers.

CHAPTER 1. GENERAL PROVISIONS

1. The following main concepts are used in this Procedure:

• cross-border money transfer without opening an account (hereinafter - cross-border transfer) – a transfer of funds in which the payer or the recipient of funds is located outside the Republic of Tajikistan and/or a transfer of funds in which the payer or recipient of funds is serviced by a foreign central (national) bank or another foreign bank;
• payment system – a set of organizations interacting according to the rules of the payment system for the purpose of carrying out money transfers and having a license from the National Bank of Tajikistan;
• guaranteeing organization – a non-resident bank that opens a correspondent account in the National Bank of Tajikistan to fulfill the obligations of the payment system operator – a participant, and within the framework of the funds deposited in this correspondent account, guarantees the settlement. The payment system operator may use the guarantee of this guaranteeing organization if, according to the normative legal acts of the country of registration (or location of the head office), it does not have the right to open a correspondent account and/or deposit funds in the National Bank of Tajikistan;
• National Processing Center for Money Transfers (hereinafter – National Center) – a software and technical complex of the National Bank of Tajikistan that ensures settlements for cross-border money transfers without opening an account, operations in the payment system of the National Bank of Tajikistan, money transfers using electronic payment instruments, and payment operations through correspondent accounts of Participants or within the framework of deposited funds of the Guaranteeing Organization using electronic means for receiving, processing, transmitting, and protecting information; (Resolution of the Board of NBT dated 23.08.2023, No. 86)
• Banknet-M – the secure communication network of the National Bank of Tajikistan;
• National Bank of Tajikistan (for the purposes of this Procedure) – the settlement bank for all operations in the National Center;
• payment system operator – a legal entity that determines the rules of the payment system and performs other duties in accordance with the Law of the Republic of Tajikistan “On Payment Services and the Payment System”;
• participants of the National Center (hereinafter – Participants, individually - Participant) – credit financial organizations and payment system operators;
• interbank settlements – settlements between Participants for the fulfillment of monetary claims and obligations for cross-border transfers initiated by their clients, in accordance with the rules of the payment system within which the cross-border transfer occurs;
• correspondent-settlement account – a correspondent account intended for carrying out settlements within the operations of the National Center;
• operational day – a working day during which the National Center carries out the reception/transmission, processing, and execution of financial and non-financial messages. The National Bank of Tajikistan establishes the operational day of the National Center;
• clearing report – an electronic document compiled by the National Center, indicating the obligations and claims of the Participant for cross-border transfers for a certain period of time. (Resolution of the Board of NBT dated 23.08.2023, No. 86)

2. The National Bank of Tajikistan ensures the functioning of the National Center and provides services for carrying out settlements between Participants for cross-border money transfers of clients.

3. The National Bank of Tajikistan ensures that Participants apply rules and unified technical standards in the field of maintaining correspondent accounts, exchange, and processing of electronic documents.

4. The Participant is obliged, when carrying out money transfer operations, to comply with the legislation of the Republic of Tajikistan, including in the field of counteracting the legalization (laundering) of income obtained criminally, financing of terrorism, and financing of the proliferation of weapons of mass destruction.

5. The National Bank of Tajikistan ensures the security of information transmitted to the National Center, timely and correct execution of cross-border transfers, as well as settlements between Participants.

6. In case of detection of facts of legalization (laundering) of income obtained criminally, financing of terrorism, and financing of the proliferation of weapons of mass destruction by the guaranteeing organization, the payment system operator is obliged, at the request of the National Bank of Tajikistan, to attract another bank as a guarantor. (Resolution of the Board of NBT dated 23.07.2025, No. 96)

CHAPTER 2. PROCEDURE FOR CARRYING OUT CROSS-BORDER TRANSFERS

7. Cross-border transfers in the Republic of Tajikistan are carried out only through the National Center.

8. The main goals of the National Center are:

• ensuring the conduct of reliable, fast, and secure cross-border money transfer without opening a bank account in non-cash form of settlements between Participants of the National Center;
• maintaining the stability of the banking system of Tajikistan in the sphere of money circulation, reducing operational risks and costs of the banking system of the Republic of Tajikistan, increasing the transparency of operations;
• carrying out monitoring in order to fulfill the requirements of the Law of the Republic of Tajikistan “On Counteracting the Legalization (Laundering) of Income Obtained Criminally, Financing of Terrorism, and Financing of the Proliferation of Weapons of Mass Destruction”.

9. The National Center functions on the basis of the following principles:

• transparency of processing of electronic payment documents;
• a unified interface provided to Participants for access to operations in payment systems connected to the National Center;
• initiation of operations related to transfers on the part of the Participant;
• carrying out operations related to cross-border transfers within the limits of funds in the correspondent-settlement accounts of Participants or funds deposited by the guaranteeing organization;
• high degree of security, speed, and reliability.

10. Money transfer operations in the National Center are carried out in the national currency - somoni and foreign currency.

11. The main conditions for carrying out settlements and conducting Operations for cross-border money transfers in the National Center are as follows:

• opening of the operational day;
• sufficient volume of funds in the correspondent-settlement account of the Participant-payment system operator or the correspondent account of the guaranteeing organization in the National Bank of Tajikistan, covering the average daily turnover for cross-border money transfers into the Republic of Tajikistan, minus cross-border money transfers from the Republic of Tajikistan, including on weekends and holidays.

12. For the purpose of executing instructions for cross-border money transfers and carrying out settlements for operations in the National Center, the Participant is obliged to open correspondent and correspondent-settlement accounts in the National Bank of Tajikistan or provide for the attraction of a guaranteeing organization.

13. The procedure and conditions for opening bank accounts are determined by Instruction No. 171 “On the Procedure for Opening, Reissuing, and Closing Bank Accounts by Credit Financial Organizations in the Republic of Tajikistan”, which was approved by the Resolution of the Board of the National Bank of Tajikistan dated April 28, 2011, No. 74 and registered in the Ministry of Justice of the Republic of Tajikistan on June 10, 2011, No. 545 “a”.

14. For the purpose of ensuring the fulfillment of the Participant's obligations, the National Bank of Tajikistan executes instructions for cross-border money transfers within the limits of funds available in the correspondent-settlement account of the Participant or funds deposited by the guaranteeing organization.

15. For the purpose of carrying out operations for cross-border money transfers, the National Center ensures information and financial interaction of Participants.

16. After the completion of the operation for cross-border money transfer, the National Center automatically and immediately sends information about its execution via an agreed communication channel to the corresponding Participant.

17. Based on the instructions for cross-border money transfers of Participants, accepted for execution within one operational day, the National Bank of Tajikistan forms clearing reports of Participants.

17.1. The National Center carries out the formation and processing of the clearing report on working days of the Operator at 08:00, 11:00, and 16:00 in automatic mode.

17.2. Deduction of funds based on a payment order from the correspondent-settlement account of the Participant on working days of the Operator is permitted during the suspension of activities of the National Center from 16:00 to 17:00. (Resolution of the Board of NBT dated 23.08.2023, No. 86)

18. After the completion of the formation of the clearing reports of Participants, the National Bank of Tajikistan, on their basis, carries out the deduction of funds from the correspondent-settlement accounts of Participants or crediting to the correspondent-settlement accounts of Participants in an unaccepted order.

19. After carrying out settlements between Participants, the National Bank of Tajikistan sends the Participant a statement from the correspondent-settlement account via the SWIFT system and/or other agreed communication means.

20. For the purpose of ensuring the status of the national currency as the only legal means of circulation and payment, the National Bank of Tajikistan may establish the procedure for issuing in national currency a certain foreign currency transferred by individuals to the Republic of Tajikistan without opening a bank account.

21. (Resolution of the Board of NBT dated 23.07.2025, No. 96).

CHAPTER 3. PROCEDURE FOR CONNECTING PARTICIPANTS TO THE NATIONAL CENTER

22. Payment system operators functioning in the Republic of Tajikistan, for joining the National Center, provide the National Bank of Tajikistan with the following documents:

• current tariffs with credit financial organizations;
• an application according to the Appendix to this Procedure;
• a list of credit financial organizations of the Republic of Tajikistan with which the payment system interacts.

23. For joining the National Center, credit financial organizations having contracts with payment system operators provide the National Bank of Tajikistan with the following documents:

• certified copies of contracts and current tariffs with payment system operators;
• an application according to the Appendix to this Procedure.

24. After providing the necessary documents specified in paragraphs 22 and 23 of this Procedure, for connecting the Participant to the National Center, a contract is concluded between the National Bank of Tajikistan and the Participant. Based on this contract, the National Bank of Tajikistan will ensure the process of connecting the Participant to the National Center. This contract must at least contain the following main conditions: (Resolution of the Board of NBT dated 23.08.2023, No. 86)

1. Contract for the attachment of a credit financial organization to the National Center and technological interaction: (Resolution of the Board of NBT dated 23.08.2023, No. 86) − requirements for connection to the National Center; − procedure for determining the routing of requests; − procedure for carrying out settlements; − mechanism for ensuring communication means, information exchange, and data protection; − rights and obligations of the parties; − confidentiality regime; − liability of the parties; − procedure for dispute resolution; − force majeure circumstances; − term of validity, procedure for changing and terminating the contract;

2. Contract for attachment to the National Processing Center and technological interaction for money transfers: (Resolution of the Board of NBT dated 23.08.2023, No. 86) − requirements for connection to the National Center; − procedure for routing of requests; − procedure for carrying out clearing and settlements; − mechanism for ensuring communication means, information exchange, and data protection; − rights and obligations of the parties; − confidentiality regime; − liability of the parties; − procedure for dispute resolution; − force majeure circumstances; − term of validity, procedure for changing and terminating the contract.

Taking into account the features of the functioning of Participants, the structural subdivision of the National Bank of Tajikistan, which is entrusted with the management of the National Center (the corresponding structural subdivision), in agreement with Participants, may introduce additional conditions into the contract. In agreement with Participants, the corresponding structural subdivision determines the content of the minimum conditions. The draft contract for attachment, taking into account the provisions of this Procedure with justification of conditions, is prepared by the corresponding structural subdivision and submitted for signature to the management of the National Bank of Tajikistan.

25. For technical connection to the National Center, the payment system operator provides the following technical information: − description of the interaction protocol between the payment system operator and the National Center; − description of XSD schema files for generating the structure of objects, if applicable in this case; − test connection, with all necessary details; − digital certificates - client and service, if applicable in this case; − testing scenarios, to confirm on the part of the National Center and the payment system operator the correctness of the implementation of integration; − contact details of the technical specialist for the prompt resolution of arising problems.

26. After organizing the testing of integration of the payment system operator and the National Center, including all operations for cross-border money transfers in the payment system and confirmation of its successful completion, an act of readiness of the Participant to work in the National Center is drawn up on the part of the National Bank of Tajikistan and the payment system operator, and the payment system operator or the guaranteeing organization ensures the placement of the necessary funds in correspondent accounts for carrying out operations on the territory of the Republic of Tajikistan;

27. The payment system operator sends a written notification to its partners in the Republic of Tajikistan about the date of commencement of activities in the National Center. From this date, all operations for cross-border money transfers without opening an account of this payment system operator are carried out only through the National Center.

28. The payment system operator must notify the National Bank of Tajikistan in writing in advance (no later than one month before entering into force) about changes in the rules of operation of the payment system and/or changes in the technological platform of the Participant.

29. For the technological connection of credit financial organizations to the National Center, the National Bank of Tajikistan provides an API package for conducting operations in the National Center using the software tools of the Participant and an IP address in the Banknet-M network for connecting the Participant via the WEB interface.

30. In case of non-compliance of the application of a credit financial organization or payment system operator with the requirements of this Procedure, the National Bank of Tajikistan has the right to refuse them connection to the National Center.

31. The Participant is obliged to ensure non-disclosure of banking secrecy and protection of personal data in accordance with the legislation of the Republic of Tajikistan.

CHAPTER 4. PROCEDURE FOR TERMINATION OR SUSPENSION OF PARTICIPANT'S ACTIVITIES IN THE NATIONAL CENTER

32. The National Bank of Tajikistan has the right to suspend the activities of the Participant in the National Center in the following cases: − non-compliance by the Participant with the requirements of the legislation of the Republic of Tajikistan and this Procedure; − non-compliance with the fulfillment of the Participant's obligations under contracts related to participation in the National Center; − revocation of the license of a credit financial organization or payment system operator.

33. In case of regular occurrence of cases specified in the first and/or second paragraphs of paragraph 32 of this Procedure, the National Bank of Tajikistan has the right to terminate the activities of the Participant in the National Center.

34. In the event of cases specified in paragraphs 32 and 33 of this Procedure, the National Bank of Tajikistan sends an official notification to the Participant via established communication channels, including email, about the termination or suspension of activities in the National Center, indicating their grounds.

35. In case of suspension of the Participant's activities in the National Center, the sent notification establishes a term (not exceeding 30 calendar days) for eliminating deficiencies.

36. In case of failure to eliminate deficiencies within the term established in paragraph 35 of this Procedure, the activities of the Participant in the National Center are terminated. The activities of the Participant in the National Center are resumed after eliminating the deficiencies specified in the notification of the National Bank of Tajikistan.

37. The date of termination of the Participant's activities in the National Center is recognized as the date of termination of the contract.

38. In the event of termination or suspension of the Participant's activities in the National Center, the National Bank of Tajikistan has the right, with subsequent notification to the Participant, to deduct funds from its correspondent-settlement account or from the correspondent account of the guaranteeing organization to fulfill the Participant's obligations to other Participants, as provided by this Procedure, contracts between the Participant and other Participants, or contracts between the Participant and the National Bank of Tajikistan for money transfers through the National Center.

CHAPTER 5. FINAL PROVISION

39. The Participant must not, without prior consent of the National Bank of Tajikistan, disclose to third parties information about the presence and/or content of software, technical, and other solutions intended for work in the National Center.

40. Ensuring the fulfillment of the requirements of this Procedure is placed on the Participants, control over its compliance is carried out by the corresponding subdivisions of the National Bank of Tajikistan.

41. In case of non-compliance with the requirements of this Procedure by Participants, the National Bank of Tajikistan has the right to apply urgent corrective measures and impact measures to Participants in accordance with Article 30 of the Law of the Republic of Tajikistan “On Payment Services and the Payment System” and Article 48 of the Law of the Republic of Tajikistan “On the National Bank of Tajikistan”.

Appendix to the Procedure for Cross-Border Money Transfers and Activities of Payment Systems Carrying Out Such Transfers in the Republic of Tajikistan

APPLICATION

I request to attach

(Full name of the Participant and legal address)

To the National Center for Money Transfers for the provision of the following services:

(Name of the Head) (Signature) M.P. (Name of the Chief Accountant) (Date) (Signature) _