Uzbekistan’s Central Bank imposed fines on eight banks in September as its Banking Supervision Committee reviewed 37 issues related to financial institutions, licensing and regulatory compliance, the regulator’s press service reported.
The committee held eight meetings during the month, considering issues related to the registration and licensing of credit organizations, ownership stakes in financial institutions and appointments to senior banking positions.
Of the issues reviewed, 21 concerned registration and licensing. These included two cases involving amendments to the charters of credit organizations and seven related to the registration of microfinance organizations, accreditation and licensing of payment organizations.
The committee also considered three applications for permission to acquire shares in the authorized capital of credit organizations. Another nine issues concerned candidates for supervisory and management boards of commercial banks, as well as key employees.
In addition, the committee reviewed 16 issues related to the financial condition of credit and payment organizations. These covered compliance with the Central Bank’s instructions and prudential standards, inspection results and the testing of financial services under the regulatory sandbox framework.
In early October, the Central Bank also required commercial banks to conduct a comprehensive review of existing deposit agreements and remove provisions that contradict the law.