The Central Bank of Uzbekistan has reportedly penalized eight commercial banks following supervisory reviews conducted in September, citing non-compliance with financial regulations and breaches of local banking legislation. The regulator allegedly implemented these measures to address deficiencies in institutional discipline and financial reporting.

During the month of September, the regulatory committee supposedly convened eight separate sessions, evaluating a total of 37 issues and adopting corresponding administrative decisions. A significant portion of these discussions focused on licensing, structural registrations, and procedural permissions.

Specifically, 21 agenda items addressed amendments to credit institution charters, the registration of microfinance entities, payment system licensing, and the vetting of supervisory board candidates and key managerial personnel. This points to ongoing efforts by the regulatory authority to tighten oversight over banking sector governance. *,

The remaining 16 matters purportedly dealt with compliance failures regarding financial requirements, the execution of prior central bank directives, and the findings of recent institutional inspections. Additionally, the committee reviewed the testing of novel financial services operating within specialized controlled frameworks.

In a broader regulatory context, incoming rules set to take effect on January 10, 2027, will restrict commercial banks from arbitrarily sweeping all funds from client debit cards to cover loan defaults or guarantee liabilities. Financial institutions will be legally required to leave a balance equivalent to at least half of the minimum wage on the account following any automated deductions.

Source: podrobno.uz