Instruction No. 171 on the Procedure for Opening, Re-registering, and Closing Bank Accounts by Credit Financial Organizations in the Republic of Tajikistan

"Registered" "Approved"
Ministry of Justice by the Board of the
Republic of Tajikistan National Bank of Tajikistan of "10" June 2011, No. 545 "a" of "28" April 2011, No. 74 "Registered" "Approved" amendment by the Ministry of Justice amendment by the Board of the Republic of Tajikistan National Bank of Tajikistan of "26" November 2012, No. 545 "b" of "17" October 2012, No. 256 "Registered" "Approved" amendment by the Ministry of Justice amendment by the Board of the Republic of Tajikistan National Bank of Tajikistan of "11" November 2016, No. 545 "v" of "25" October 2016, No. 73 "Registered" "Approved" amendments and additions by the Ministry of Justice amendments and additions by the Board of the Republic of Tajikistan National Bank of Tajikistan of "24" May 2018, No. 545 "g" of "12" April 2018, No. 44 "Registered" "Approved" amendments and additions by the Ministry of Justice amendments and additions by the Board of the Republic of Tajikistan National Bank of Tajikistan of "1" March 2022, No. 545 "d" of "30" December 2021, No. 207

Instruction No. 171
"On the Procedure for Opening, Re-registering, and Closing Bank Accounts by Credit Financial Organizations in the Republic of Tajikistan"

The Instruction "On the Procedure for Opening, Re-registering, and Closing Bank Accounts by Credit Financial Organizations in the Republic of Tajikistan" is developed in accordance with part 2 of Article 3 of the Law of the Republic of Tajikistan "On Banking Activity", part 1 of Article 4 of the Law of the Republic of Tajikistan "On Islamic Banking Activity", as well as Articles 5 and 7 of the Law of the Republic of Tajikistan "On Currency Regulation and Currency Control", and determines the procedure for opening, maintaining, re-registering, and closing bank accounts by credit financial organizations of the Republic of Tajikistan in national currency and foreign currency, for legal and natural persons, residents and non-residents of the Republic of Tajikistan.

Chapter 1. General Provisions

1. The following terms are used in this Instruction:

• credit financial organizations - credit financial organizations and
  Islamic credit financial organizations carrying out activities provided for by law on the basis of a license from the National Bank of Tajikistan;
• credit organizations - legal entities (banks and non-bank credit
  organizations, including microfinance organizations) carrying out their activities on the basis of a license from the National Bank of Tajikistan and conducting all or certain operations;
• Islamic credit organizations - legal entities (Islamic banks,
  Islamic non-bank credit organizations, and Islamic microfinance organizations, including "Islamic banking windows") carrying out on the basis of a license from the National Bank of Tajikistan all or certain Islamic banking operations provided for by law;
• shirma bank - a bank registered and licensed in the manner prescribed by
  law, but having no physical presence, and not affiliated with any regulated financial group subject to consolidated supervision;
• client - a legal or natural person, resident or non-resident
  of the Republic of Tajikistan, or their legal representatives, who use bank services to open and maintain bank accounts;
• bank account - a client's bank account in national and foreign
  currency opened in a credit financial organization, on which the balance and movement of the client's funds are reflected;
• bank account agreement - an agreement under which a credit
  financial organization undertakes to accept and credit funds received into the client's account, execute the client's instructions for the transfer and withdrawal of corresponding amounts from the account, and carry out other operations on the account in accordance with the concluded agreement and the current legislation of the Republic of Tajikistan;
• bank deposit agreement - an agreement under which a
  credit financial organization, having received funds into the client's bank deposit account, undertakes to return this amount to the client and pay interest or income in another form on terms and in a manner agreed with the client.
• Islamic deposit or savings - monetary funds and other valuables
  of natural and legal persons transferred for safekeeping to an Islamic credit organization on condition of full repayment with or without profit to the owner of the deposit or their representative upon request or at agreed times with compliance with the principles of Islamic financing;
• investment account - an account through which an Islamic credit
  organization accepts monetary funds in accordance with the principles of Islamic financing for investment purposes without undertaking a commitment to full repayment of funds;
• bank investment agreement - an agreement on the basis of which an Islamic credit
  organization accepts funds received from the client in accordance with the principles of Islamic financing for investment purposes without undertaking a commitment to full repayment of funds;
• clearing center - a structural unit of the National Bank of Tajikistan, whose
  functions include opening and maintaining correspondent accounts of credit financial organizations and ensuring uninterrupted operation of the electronic payment system;
• remote identification of the client - obtaining identification data from the client
  (their representative) by credit financial organizations using information communication technologies. (Board Resolution of NBT dated 30.12.2021, No. 207)

2. Bank accounts for clients of credit organizations are opened in
   national and/or foreign currencies in the following types:

• deposit accounts;
• demand deposit accounts;
• term deposit accounts;
• correspondent accounts of credit organizations.
  Bank accounts for clients of Islamic credit organizations are opened in national and/or foreign currencies in the following types:
• savings deposit account;
• demand deposit account;
• term deposit account;
• custodial deposit account;
• investment deposit account;
• correspondent accounts of the Islamic credit organization.
  Islamic credit organizations must ensure that the structure of bank accounts complies with the principles of Islamic financing. The procedure for conducting operations on client accounts is determined by this Instruction and other normative legal acts of the National Bank of Tajikistan, banking rules, and business customs applied in advanced international banking practice.

3. The client has the right to independently choose credit financial
   organizations for service, and may conclude bank account and bank deposit agreements with one or more credit financial organizations.

4. A credit financial organization is not entitled to refuse a client the opening
   of an account, the execution of corresponding operations for which is provided by law, the constituent documents of the credit financial organization, and the license issued to it, except in cases where such refusal is caused by the absence of possibilities for the credit financial organization to provide the corresponding service.

5. In case of unjustified evasion from concluding a bank account agreement,
   the client has the right to appeal the actions of the credit financial organization in accordance with the procedure established by legislation.

6. A credit financial organization, in accordance with the current
   legislation of the Republic of Tajikistan, is responsible for proper compliance with the rules of opening, closing, and regimes of bank accounts established by this Instruction and the current legislation of the Republic of Tajikistan towards the client.

7. A credit financial organization is not entitled to determine and control
   the directions of use of funds located in the client's account, to establish other restrictions on the client's right to dispose of monetary funds at their discretion not provided for by law or the bank account agreement.

8. Operations on a bank account may be suspended:

• by the client's order;
• upon attachment of monetary funds by a court order (ruling),
  a ruling of a judicial executor, related to an enforcement document;
• in cases and in the manner established by the Law of the Republic of Tajikistan "On
  Counteracting the Legalization (Money Laundering) of Proceeds Obtained by Criminal Means, Financing of Terrorism, and Financing of Proliferation of Weapons of Mass Destruction";
• in other cases established by the legislation of the Republic of Tajikistan.
  Financial funds of natural persons and organizations included in the list of persons associated with terrorism are frozen and unfrozen in accordance with the Law of the Republic of Tajikistan "On Combating Terrorism" by the State Committee of National Security of the Republic of Tajikistan. Deduction of funds from a bank account is carried out by the credit financial organization based on the client's order. Without the client's order deduction of funds is permitted in cases and in the manner established by the legislation of the Republic of Tajikistan. The client may provide a power of attorney for the use of their bank account by another person. The issuance of a power of attorney must be carried out in accordance with established rules, by a state notary.

9. Information on the balance of funds in bank accounts, on owners, on monetary
   funds located in these bank accounts, and on operations conducted through these accounts, which are contained in the credit financial organization, constitute bank secrecy only in accordance with the rules provided by legislation and may be provided to third parties.

10. The National Bank of Tajikistan and credit financial organizations
    are obliged to open correspondent or other accounts (except for savings (deposit) accounts of natural persons), notify tax authorities within five days of the opening of such accounts by the taxpayer (resident and non-resident) and not conduct operations on accounts without the insertion of the taxpayer's identification number (resident and non-resident) in banking documents.

Chapter 2. Procedure for Opening Bank Accounts

11. Bank accounts are opened for all clients regardless of forms
    of ownership, based on an application and conclusion of a bank account agreement.

12. A bank account agreement must contain the following information:

• subject of the agreement;
• taxpayer identification number (except for
  savings (deposit) accounts of natural persons);
• procedure for disposing of funds located in this bank account;
• procedure and conditions for closing the account;
• conditions for the provision of services by the credit financial organization and
  the procedure for their payment;
• client details.
  Other conditions agreed upon by the parties may be provided for in the bank account agreement.

13. To open a bank account, the applicant provides the following documents to the credit financial organization:
    a) for the client - a legal entity - resident and non-resident, branches and their representatives;

• application for opening an account (according to Appendix No. 2 of this Instruction);
• copy of the document issued by the tax authority - Certificate of
  State Registration, Extract from the Unified State Register of Legal Entities, Information Certificate, Notification of assignment of taxpayer identification number. For public organizations and political parties, a copy of documents on state registration from the Ministry of Justice of the Republic of Tajikistan and its regional bodies, as well as additional requirement for registration with tax authorities;
• in case if the bank account is opened for a branch or representative office -
  power of attorney from the head organization, issued to the name of the head;
• card with specimen signatures and seal impression in two copies together with
  documents confirming the identity of persons having the right to the first and if provided for the second signature (Appendix No. 3). For the client - branch and representatives of non-residents:
• power of attorney issued by a legal entity - non-resident to the head
  of the branch or representative office in the state language, certified by the legal entity itself;
• copy of the permit (or petition) of the authorized body of the country of
  non-residence for opening an account in a foreign country, which is legalized in the embassy (consulate) of the Republic of Tajikistan abroad or in the embassy (consulate) of the non-resident country in the Republic of Tajikistan. b) for the client - a credit financial organization: copy of the extract from the Register of the credit financial organization or another document confirming the presence of permission to carry out banking activity or Islamic banking activity;
• card with specimen signatures and seal impression in two copies together with
  documents confirming the identity of persons having the right to the first and if provided for the second signature. c) for dehqan (farm) households:
• application for opening an account;
• copy of the certificate of land use rights;
• copy of the document issued by the tax authority -
  Certificate of State Registration, extract from the Unified State Register of Legal Entities, Information Certificate, Notification of assignment of taxpayer identification number;
• card with specimen signatures and seal impression in two copies together with
  documents confirming the identity of persons having the right to the first and if provided for the second signature. d) for foreign diplomatic and consular representations:
• application for opening a bank account;
• card with specimen signatures and seal impression in two copies together with
  documents confirming the identity of persons having the right to the first and second signatures;
• copy of the document of established form confirming its accreditation,
  issued by the Ministry of Foreign Affairs of the Republic of Tajikistan. e) For clients carrying out (natural persons engaged in entrepreneurial activity without forming a legal entity):
• application for opening an account;
• card with the specimen signature of the natural person themselves and their passport;
• copy of the document on the state registration of the natural person as an
  entrepreneur (patent or certificate, in case of opening a currency account only the certificate). When opening a bank account, the credit financial organization together with the client fills out Appendix No. 1 to this Instruction.

14. In case of opening by a client engaged in entrepreneurial
    activity without forming a legal entity an account in one credit financial organization (its branch) of a bank account, except for the card with specimen signatures and seal impression, documents are not presented provided for opening a bank account in one of the following cases:

• if the client opens a bank account in the same credit financial
  organization (branch) in which the first account is opened;
• if there is confirmation from the head of the credit financial organization
  (branch) in which the client's first account is opened, regarding the presence of the full package of documents necessary for opening a bank account in accordance with this Instruction. The procedure for confirmation by the credit financial organization (branch) of the presence of the full package of documents with the client in other branches of credit financial organizations, in which a bank account was opened for the client, including by transferring existing documents in electronic form, is determined by the credit financial organization independently.

15. Credit organizations charge a commission fee for opening bank accounts, and Islamic credit organizations may charge a commission fee in accordance with approved tariffs in the established manner.

Chapter 3. Procedure for Maintaining Bank Accounts

16. Unless otherwise provided by the agreement, the credit financial organization
    is obliged to accept and credit funds received into the bank account and execute the instructions of the owner of the bank account for the transfer and withdrawal of monetary funds by performing operations provided for bank accounts of this type, by law, normative legal acts of the National Bank of Tajikistan established and adopted in accordance with it, and accepted banking rules and business customs applied in banking practice.

17. The credit financial organization is obliged to credit funds received into the
    bank account, withdraw or transfer them from the bank account by the order of the owner of the bank account no later than the next day after receipt of the corresponding payment document, unless other terms are provided for by law or the agreement between the credit financial organization and the client.

Chapter 4. Procedure for Opening Bank Accounts for Natural Persons (Resident and
Non-Resident)

18. Natural persons have the right to open in credit financial organizations
savings bank accounts of a non-commercial nature in their own name and dispose of them personally or through an authorized person (manager). The authorized person may open bank accounts and dispose of them on the basis of a power of attorney. If the authorized person is a non-resident, the power of attorney sent (imported) from abroad must be legalized in the embassy (consulate) of the Republic of Tajikistan abroad or in the embassy (consulate) of the foreign state in the Republic of Tajikistan and presented to the credit financial organization together with a certified translation into Tajik or Russian. Legalization of the power of attorney is not required if this rule is established by international agreements, treaties, conventions.

19. To open bank accounts, natural persons provide the following documents to the credit financial organization:

• application for opening a bank account;
• document confirming the identity of the natural person (passport).

191. Using means of remote identification of the client
established by the legislation of the Republic of Tajikistan, documents provided for in paragraph 19 of this Instruction may be provided in electronic form. In this case, the credit financial organization must have the ability to properly verify the correctness of provided documents using information communication technologies and equipment. (Board Resolution of NBT dated 30.12.2021, No. 207)

20. Based on a written application, an agreement is concluded between the client and
the credit financial organization, where the conditions of the opened bank account are stipulated. At the same time, the agreement provides for familiarization of clients upon opening the account with the conditions of the bank account, and the size of the commission fee, for which the client personally makes the corresponding entry on the initial accounting forms and signs. (Board Resolution of NBT dated 30.12.2021, No. 207)

201. A bank account agreement opened remotely is concluded
between the client and the credit financial organization using means of remote identification of the client - a natural person, a resident of the Republic of Tajikistan, in accordance with the procedure established by the legislation of the Republic of Tajikistan. The credit financial organization registers the bank account agreement concluded with the client electronically in accordance with the procedure established by the legislation of the Republic of Tajikistan. (Board Resolution of NBT dated 30.12.2021, No. 207)

202. Conclusion of the agreement electronically is carried out
through confirmation of consent to service conditions, in the manner established by the legislation of the Republic of Tajikistan, upon provision of personal information by the client. Information on the conditions of the bank account agreement and the size of the commission fee is placed by the credit financial organization on its official website, in accordance with the requirements of normative legal acts of the National Bank of Tajikistan. (Board Resolution of NBT dated 30.12.2021, No. 207)

203. The credit financial organization on the basis of one bank account agreement
concluded electronically may open several bank accounts for the client if such procedure is provided for in the agreement between the credit financial organization and the client. (Board Resolution of NBT dated 30.12.2021, No. 207)

Chapter 5. Procedure for Opening Correspondent Accounts of Credit Financial
Organizations

21. Correspondent accounts of credit financial organizations are divided into
the following types:

• correspondent accounts in a credit financial organization of residents;
• correspondent accounts in a credit financial organization of non-residents;
• correspondent accounts of credit financial organizations of non-residents;
• other deposit accounts of credit financial organizations.

22. A newly created credit financial organization opens in
the National Bank of Tajikistan a correspondent savings account for replenishment of the authorized capital in national and foreign currencies. In such cases, the application of an authorized representative to open a correspondent savings account for replenishment of the authorized capital on behalf of the founders is accepted by the structural unit of the National Bank of Tajikistan upon the presence of an order from the banking supervision unit of the National Bank of Tajikistan to open the savings account.

23. Permission to open a correspondent savings account for
replenishment of the authorized capital in the National Bank of Tajikistan must be issued within 5 working days from the moment of receipt of the application from the authorized representative of the founders.

24. Correspondent accounts of credit financial organizations are opened in
the Clearing Center of the National Bank of Tajikistan based on a written application of the credit financial organization, after their registration in the Register and obtaining permission from the banking supervision unit of the National Bank of Tajikistan.

241. A new branch of a financial credit organization is assigned a
bank identification code and the correspondent account of the head bank. (Board Resolution of NBT dated 30.12.2021, No. 207)

25. After opening the correspondent account and assigning the bank
identification code to the credit financial organization or its branch, the National Bank of Tajikistan makes corresponding changes to the Reference "Bank Identification Codes of Credit Financial Organizations of the Republic of Tajikistan" and notifies credit financial organizations about the changes made.

26. After opening the correspondent account, the amount of the authorized capital
of the credit financial organization, which has been collected in the correspondent savings account for replenishment of the authorized capital, based on a written application of the credit financial organization and permission from the unit of banking supervision, is transferred to the correspondent account. In case if, the amount accumulated in the correspondent savings account is in foreign currency, before transfer to the correspondent account this currency must be converted into the national currency. After the transfer of monetary funds to the correspondent account, the savings account for replenishment of the authorized capital is closed.

27. In case of establishing direct correspondent relations between
credit financial organizations of residents for opening a correspondent sub-account, they provide each other, including a copy of the Founding Agreement, a copy of the Charter, a copy of the License for carrying out banking operations, an application for opening a correspondent account, a copy