Commentary on the Decision on Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers

The Decision of the Central Bank Board "On Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers" (registered with the Ministry of Justice on October 11, 2024 under No. 3030-9) was state registered.

According to the amendments and additions introduced to the Regulation, for the purpose of improving the procedure for reviewing and handling client appeals in commercial banks and increasing the responsibility of banks in this area:

• banks must have their own internal procedures for handling appeals and publish them on the bank's website;

• a separate special structural unit must be established to review appeals, and employees of this structural unit must have a number of powers to investigate complaints in detail and resolve disputes with consumers;

• an internal control system for reviewing appeals must be implemented, and tasks must be assigned to the bank's internal audit service within the framework of implementing internal control;

• an electronic information system must be introduced that allows recording, accepting, collecting, classifying, and systematizing appeals using information and communication technologies, as well as identifying and analyzing systemic shortcomings arising from issues raised in appeals;

• requirements and rules were established regarding the preparation of reports (commentaries) based on the results of generalization and analysis of appeals, and the development of action plans to eliminate negative issues frequently raised in appeals based on these reports.

The implementation of new rules and requirements will serve to ensure high-quality and effective review of consumer appeals, to identify and eliminate causes causing consumer complaints in the bank as a result of analysis generalized from appeals, as well as to increase their responsibility in this area while ensuring transparency of activities related to handling appeals in the bank.

The amendments and additions introduced to the Regulation enter into force from January 17, 2025.

You can familiarize yourself with the document in detail via this link .