Uzbekistan’s Central Bank Fines Seven Banks In October

According to the regulator, in October, the Banking Supervision Committee of Uzbekistan’s Central Bank fined seven banks and two microfinance organisations for not meeting regulatory and prudential requirements.

The committee also flagged two payment system operators and two payment organisations for failing to comply with minimum statutory capital and organisational structure rules.

Regulatory specialists identified security vulnerabilities in the automated systems of four commercial banks, directing these institutions to address the issues or face further sanctions.

Additionally, the Central Bank reviewed 16 cases, covering changes to credit institutions’ statutes, re-registration of licences, and the appointment of board members and key personnel.

Kursiv Uzbekistan also reports that the UK government has added Uzstanex, an Uzbekistan-based company, to its latest sanctions list.