Financial Crime World

Banking Regulations and Compliance in Uzbekistan Tighten Up

Uzbekistan’s banking sector has been undergoing a series of regulatory reforms aimed at combating corruption, strengthening corporate governance, and enhancing compliance with international standards. Over the past few years, policy documents and legislative amendments have been introduced to ensure greater transparency and accountability within the banking industry.

Anti-Corruption Policy

One such policy is the Anti-Corruption Policy, registered on October 25th, 2023. This policy outlines measures to prevent corruption in all aspects of banking activity.

Corporate Governance Policy

The Corporate Governance Policy, registered on September 6th, 2020, provides guidelines for responsible management and oversight of banking institutions.

Legislative Amendments

Several legislative amendments have been introduced to strengthen regulations around currency control, banking activities, and payments systems. Some notable examples include:

  • Law No. 573: Registered on January 12th, 2019, this law made changes to the Law “On Currency Regulation” aimed at enhancing the effectiveness of foreign exchange transactions and improving financial system stability.
  • Law No. 580: Registered on November 1st, 2019, this law introduced amendments to the Law “On Payments and Payment Systems”, designed to promote electronic payments and enhance payment transaction security.
  • Law No. ZRU-203: Registered on April 6th, 2009, this law made changes to Article 10 of the Law “On Guarantees of Protection of Deposits of Citizens in Banks”, aimed at strengthening deposit insurance and protecting citizens’ interests.

Impact

These regulatory reforms demonstrate Uzbekistan’s commitment to improving banking regulations and compliance, ultimately enhancing financial stability and trust within its economy. The measures are expected to have a positive impact on the country’s banking sector, making it more attractive to foreign investors and fostering greater transparency and accountability among banking institutions.