Central Bank fines one commercial bank and issues warnings to three others

During the January 2024 meetings (held 9 times) of the Bank Supervision Committee of the CB, 30 issues were discussed, the bank’s press service reported.

"20 issues were considered in the direction of registration and licensing. In particular, issues such as registration of changes to the charters of credit organizations (2 cases), granting permission to own shares in the authorized capital of credit organizations (3 cases), licensing credit organizations (2 cases), submission of audit qualification certificates to grant the right to conduct audits in banks (2 cases), and review of candidates for members of the supervisory board and management of commercial banks, as well as candidates for employees of significant importance (11 cases)," the report states.

Financial conditions of credit organizations (10 issues) were also discussed, including the financial status of banks and payment organizations and their compliance with the Central Bank's prudential standards, as well as the results of inspections conducted in banks and microfinance organizations.

Specifically, due to non-compliance with current legislation and regulatory documents of the Central Bank, one bank and one payment organization were subjected to fines, and three banks and two pawnshops were warned about possible measures and sanctions.

Additionally, the committee issued instructions to commercial banks' managements and microfinance organization leaders to rectify identified deficiencies, comply with established prudential norms, address existing weaknesses in bank operations, and improve their financial conditions based on the principles of maintaining system stability and protecting the rights of depositors and investors.