Regulatory Alerts2020-05-25 | 12/1Added · Updated
Regulation on the Procedure and Conditions for Granting Permission for Banking Activities
The Central Bank of Uzbekistan approved a regulation establishing the procedures and conditions for licensing banking activities, including Islamic banking, and for approving senior management. The document defines key terms such as decisive ownership and ultimate beneficial owners, sets eligibility criteria for founders and shareholders (including restrictions on non-resident shares and prohibited entities), and mandates the submission of specific documents for initial permission and state registration. It also outlines requirements for bank naming, organizational structure, and business planning.
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