20 banks fined in Uzbekistan

A total of 20 banks were fined in Uzbekistan in March this year, according to the Central Bank of Uzbekistan.

The regulator said that during seven meetings held in March, the Central Bank’s Banking Supervision Committee reviewed 29 issues and adopted relevant decisions.

In the area of licensing and permits, 17 issues were considered. These included the registration of amendments to the charters of credit institutions (4 cases), granting permission to acquire shares in the charter capital of credit institutions (3 cases), the submission of an auditor qualification certificate to obtain the right to conduct audits in banks (1 case), as well as the review of candidates for supervisory boards, management bodies, and key positions in commercial banks (9 cases).

In addition, 12 issues related to the financial condition of credit institutions were examined. These included compliance with Central Bank instructions and prudential requirements, results of inspections and reviews conducted in banks and non-bank credit institutions, as well as testing of financial services within the regulatory sandbox framework.

Due to non-compliance with prudential requirements and failure to align operations with legal regulations, 17 banks were warned about the application of measures and sanctions.

Furthermore, for failing to organize their activities in accordance with legal requirements, as well as for deficiencies identified during inspections and reviews, fines were imposed on 20 banks, 89 microfinance organizations, and 79 pawnshops.