Regulatory Alerts2023-04-28 | 30/10Added · Updated
Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers
The Central Bank of Uzbekistan amends the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers to enhance consumer protection. Key changes include expanded pre-contractual disclosure requirements for credit products, such as detailed cost breakdowns and risk warnings, and new obligations for banks to inform third-party guarantors of potential liabilities. Additionally, banks must now notify applicants of credit decisions within three days and provide written copies of electronic notifications upon request.