Central Bank fines seven banks and two microfinance organizations for regulatory violations
In October, the Central Bank of Uzbekistan imposed fines on seven banks and two microfinance organizations for regulatory violations.
The fines were issued following a meeting of the Central Bank’s Banking Supervision Committee, which reviewed 16 issues related to the financial health of credit institutions and their compliance with Central Bank directives and standards. The Committee addressed a range of concerns, including breaches in regulatory compliance and financial management protocols.
In addition to the fines, the Central Bank issued warnings to two payment organizations and two payment system operators for failing to meet the required minimum authorized capital and organizational legal structure. The warnings serve as a cautionary measure, signaling potential sanctions if the institutions do not promptly address these deficiencies.
Furthermore, four commercial banks were cautioned over lapses in security and information protection within their automated banking systems. The Central Bank emphasized that ensuring robust cybersecurity measures and maintaining high standards of information protection are critical for safeguarding customer data and supporting the integrity of the banking sector.
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