The Central Bank of Uzbekistan has fined eight banks for violations of financial requirements

The Central Bank of Uzbekistan has fined eight banks for non-compliance with financial regulations and violations of legislation. The decisions to impose the fines were made in September following the regulator's supervisory activities.

In total, the committee held eight meetings in September, during which it reviewed 37 issues and made corresponding decisions.

Of these, 21 issues related to registration and licensing. In particular, the committee reviewed amendments to the charters of credit organizations, the registration of microfinance organizations, accreditation, the issuance of a payment organization license, permits to hold stakes in the authorized capital of credit organizations, as well as candidates for positions on the supervisory boards and management boards of commercial banks, and employees occupying key positions.

The remaining 16 issues concerned compliance with financial requirements, execution of Central Bank directives, and the results of inspections of banks and non-bank credit organizations. In addition, the committee considered the testing of financial services within the regulatory sandbox — a special regime that allows testing new solutions in controlled conditions.

Based on the review of the identified violations and non-compliance with established requirements, fines were imposed on eight banks.

Starting January 10, 2027, commercial banks in Uzbekistan will no longer be able to write off all funds from clients' cards to pay off loans and guarantee obligations without their instruction. After such write-offs, an amount of at least half the minimum wage must remain in the accounts.