The Central Bank of Uzbekistan decided to impose fines on eight banks in September based on the results of its supervisory activities. These sanctions were issued for non-compliance with established financial standards and violation of legislation.
During September, the Central Bank committee held eight meetings. At these meetings, 37 different issues were reviewed, and corresponding resolutions were adopted.
Of the total number of issues, 21 concerned procedures for registration and issuance of necessary permits. Topics under review included changes to the founding documents of credit institutions, registration of microfinance organizations, accreditation, obtaining licenses for payment organizations, as well as permission to own shares in the charter capital of commercial banks. Furthermore, candidates for key positions, as well as members of the supervisory boards and management boards of these banks, were considered.
The remaining 16 issues were related to monitoring compliance with financial requirements, fulfilling the directives of the Central Bank, and analyzing the results of inspections of both banking and non-banking credit organizations. Additionally, financial services were being tested within the regulatory sandbox, a special regime for testing new solutions in a controlled environment.
As a result of the analysis of identified violations and non-compliance with established requirements, penalties were applied to eight banks.
It was also noted that starting from January 10, 2027, commercial banks in Uzbekistan will be prohibited from debiting all client funds from accounts to repay loans or guarantee obligations without the client's direct order. When such debits are made from accounts, an amount equal to at least half of the minimum wage must be maintained.
