Regulatory Alerts2001-06-23 | 14/22Added · Updated
Regulations on Imposing Fines on Commercial Banks for Violating Requirements for Opening Accounts, Transferring Funds, and Cash Payments
The Central Bank of Uzbekistan approved regulations establishing fine sanctions for commercial banks that violate requirements for opening customer accounts, crediting or debiting funds, and timely cash payments for salaries and other statutory needs. Specific penalties include fines of 0.02% of the bank's statutory capital for unjustified delays in account opening, 0.005% for failure to provide timely cash payments when funds are available, and 0.01% for violating established procedures for transferring funds. The regulations also impose penalties on banks for delays or errors in electronic payments and mandate that fines paid by the bank be partially covered by the responsible branch head and chief accountant.
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