Regulatory Alerts2023-11-27
Instruction No. 257 on Customer Due Diligence
The National Bank of Tajikistan issued Instruction No. 257 to establish a standardized procedure for accountable entities to conduct customer due diligence and verify beneficial owners across all transaction types. The regulation mandates risk-based identification, specifies threshold amounts for single and related transactions, and outlines enhanced measures for politically exposed persons, trusts, and investment-linked insurance beneficiaries. It further requires entities to implement internal control procedures, classify clients by risk level, and utilize simplified or enhanced verification methods based on a risk-oriented approach.
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