Tashkent, Uzbekistan (UzDaily.com) -- At nine meetings of the Banking Supervision Committee of the Central Bank of Uzbekistan in December 2023, 46 issues were considered and appropriate decisions were made. This was reported by the regulator’s press service.

In the area of registration and permission, 22 issues were considered, including questions about registration of changes in the charters of credit organizations (11), permission to own shares in the authorized capital of credit organizations (3), members of the supervisory board and management of commercial banks. Employee candidacies for important positions were also considered (8 questions).

Issues of the financial condition of credit institutions (24 questions), compliance by banks and payment organizations with the requirements of prudential standards of the Central Bank, as well as the results of research conducted in banks and microfinance organizations were also considered.

In particular, due to non-compliance with current legal requirements, three banks were prohibited from carrying out certain transactions, and two banks were fined.

The regulator also warned one pawnshop about possible sanctions for non-compliance with the requirements of the Central Bank’s regulatory documents.

By the decision of the Board of Kyongnam Bank JSC (Republic of Korea), the representative office of this bank is closed in Uzbekistan. In this regard, the accreditation certificate of this bank was revoked. LOMBARD MAGIC CROWN LLC was excluded from the register of pawnshops for gross violations identified during the inspection.

The Committee also sent instructions to the management of banks to eliminate the identified deficiencies, comply with prudential standards established by the Central Bank, as well as fulfill requirements aimed at improving financial condition.