The Central Bank of Uzbekistan has obtained the right to impose fines on the heads of banks and non-bank organizations. The basis for such penalties can be gross violations committed by the institution, reports Podrobno.uz correspondent.

According to the regulator's official decision, fines will be levied for failure to fulfill duties related to organizing work, risk management, or internal control. Additionally, penalties will apply for decisions that contradict the law and for failing to take measures to eliminate a violation that the manager knew or should have known about.

Sanctions cover issuing illegal orders, directly approving a violation, and failing to take measures to prevent it. Late submission of reports or providing inaccurate data in documents to the Central Bank will also be grounds for a fine.

Separately highlighted are the untimely execution of the regulator's instructions and committing new violations due to the failure to address previously identified ones. Managers will be penalized for the absence of internal policies and control procedures, as well as for failing to take measures to reduce damage to bank clients.

Fines also threaten for concealing a violation, misleading the Central Bank, conflicts of interest, and lack of documentation when making decisions. The Central Bank has also gained the right to publish information on its website about violators, their actions, and the sanctions applied.

Earlier, the Legislative Chamber of the Oliy Majlis adopted in the first reading two crucial bills aimed at sharply intensifying the fight against cybercrime. The documents not only introduce strict sanctions for violators but also establish, among other things, clear responsibility for banks.

Source: podrobno.uz