The Central Bank of Uzbekistan fined nine banks within a month

In August, the Central Bank’s Banking Supervision Committee fined nine banks, six microfinance organisations, and four pawnshops for breaching regulatory requirements. It also warned fourteen banks and two payment organisations about potential sanctions for non-compliance with prudential regulations and plans to reduce problematic loans.

The Committee held 9 meetings and considered 51 issues, the Central Bank’s press service reported.

Of these, 32 issues concerned the registration and issuance of permits:

• changes in the charters of credit organizations — 9;
• registration of new microfinance companies — 8;
• approval of bank management members — 9;
• issuance of permits for owning shares — 3;
• Exclusion of organizations from the register — 2;
• certification of auditors — 1.

The remaining 19 issues were related to monitoring the financial condition of credit institutions: the fulfillment of prescriptions and prudential regulations, the results of inspections in banks and microfinance organizations, as well as countering money laundering and terrorism financing.