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    Uzbekistan Economics Finance

    Central Bank of Uzbekistan fines eleven banks for violations

    Central Bank of Uzbekistan fines eleven banks for violations

    Eleven banks received fines for various violations uncovered during inspections, and one microfinance organization's lending operations were suspended for three months after an inspection by Bank Control Committee of the Central Bank of Uzbekistan (CBU) on June 13.

    Photo: In May 2024, the Bank Control Committee of the CBU held seven meetings, addressing and making decisions on 47 issues. 
    Source: Daryo

    In May 2024, the Bank Control Committee of the CBU held seven meetings, addressing and making decisions on 47 issues. The committee's deliberations spanned several critical areas, including registration and authorization, financial condition assessments, and enforcement actions.

    The committee focused on 36 issues related to registration and authorization. It approved amendments to the charters of two credit organizations and granted authorization for ownership of shares in two credit organizations. Additionally, the committee included two organizations in the register of microfinance organizations, re-registered licenses for 13 microfinance organizations, and issued new licenses to two microfinance organizations. It also revoked the licenses of two payment organizations. Personnel considerations were a vital part of the committee's agenda, as it reviewed and approved 13 candidates for the supervisory boards, management, and key positions in commercial banks.

    In terms of financial condition and compliance, the committee discussed 11 issues related to the financial health of credit organizations, their compliance with CBU regulations, and the findings of inspections conducted in banks and microfinance organizations. These discussions aimed to ensure adherence to prudential standards and directives issued by the CBU.

    The committee took several enforcement actions as a result of violations identified through inspections. Three banks received warnings regarding potential sanctions for failing to ensure the transmission of bank guarantee information to the State Register of Credit Information and not adhering to limits on open currency positions. The committee decided to suspend the operations of "PAYMENT AGGREGATION SYSTEMS" and "YURT PAY" due to non-compliance with legal requirements and economic norms set by the CBU. Consequently, their licenses were revoked. 

    The committee emphasized its commitment to maintaining the stability of the banking system and protecting the rights of depositors and investors. Instructions were issued to the management of commercial banks and microfinance organizations to address deficiencies, comply with prudential regulations, and improve their financial conditions. The focus was on rectifying existing weaknesses and ensuring the long-term stability and reliability of the financial sector.

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    14.06.2024, 16:48   Comments (0)   1850
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