Central Bank of Uzbekistan fined 16 commercial banks

Tashkent, Uzbekistan (UzDaily.com) -- The Banking Supervision Committee of the Central Bank of Uzbekistan decided to impose sanctions on several banks following the results of nine meetings in October 2023. This was reported by the regulator’s press service.

In October, the committee considered 19 issues related to registration and permitting procedures, including changes to the charters of credit institutions, licensing of non-bank credit institutions, registration and revocation of licenses, and the issuance of qualification certificates for auditors and members of the supervisory board. Candidates for bank executives were also approved.

Twelve questions were related to checking the financial condition of banks and payment organizations. The Committee introduced restrictions on the performance of certain operations for one bank.

Additionally, it was decided to suspend the license of one payment organization for 10 days.

Sixteen banks received fines, and five banks and one microfinance organization were warned of the possible application of measures and sanctions in connection with identified shortcomings in their activities.

The Committee also issued instructions to the management of banks to eliminate the identified deficiencies, create reserves against possible losses and comply with prudential standards set by the Central Bank.