Regulations on Imposing Fines on Commercial Banks for Violating Requirements for Opening Accounts, Transferring Funds, and Cash Payments

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 30.06.2001, registration number 1044

Date of Entry into Force

10.07.2001

All

25.09.2019

11.02.2013

03.03.2006

10.07.2001

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Document lost its force 25.09.2019

[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.19.00 Liability for Violation of Laws and Legal Acts Related to Banks and Banking Activity] [ TSZ: 1. Finance / Banks and Other Credit Institutions. Credits]

RESOLUTION OF THE BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF UZBEKISTON

On Approval of the Regulation on the Procedure for Imposing Fine Sanctions on Commercial Banks for Violating the Established Requirements for Opening Accounts for Customers, Crediting and Debiting Funds to Their Accounts, and the Procedure for Providing Cash for Salaries and Other Needs Provided for by Legislative Acts

[Registered by the Ministry of Justice of the Republic of Uzbekistan on June 30, 2001, registration number 1044]

This resolution has lost its force based on the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 24, 2019, No. 21/12 "On Approval of the Regulation on the Procedure for Imposing Fine Sanctions on Commercial Banks for Violating the Established Procedures for Opening Accounts for Customers, Crediting and Debiting Monetary Funds to Their Accounts, and Providing Cash Funds for Salaries and Other Needs Provided for by Legislative Acts," as well as the resolution on amending it (registration number 1044-3, dated 25.09.2019).

In order to fulfill clause 6 of Resolution No. 264 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 22, 2001 "On Additional Measures to Strengthen Cash Circulation and Increase the Responsibility of Commercial Banks," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Approve the Regulation on the Procedure for Imposing Fine Sanctions on Commercial Banks for Violating the Established Requirements for Opening Accounts for Customers, Crediting and Debiting Funds to Their Accounts, and the Procedure for Providing Cash for Salaries and Other Needs Provided for by Legislative Acts, attached hereto.

2. This Resolution shall enter into force ten days after the date of its state registration by the Ministry of Justice of the Republic of Uzbekistan.

Acting Chairman of the Central Bank M. JUMAGALDIEV

Tashkent city,

June 23, 2001,

No. 14/22

ATTACHMENT

to the Resolution of the Central Bank of the Republic of Uzbekistan dated June 23, 2001, No. 14/22

REGULATION

On the Procedure for Imposing Fine Sanctions on Commercial Banks for Violating the Established Requirements for Opening Accounts for Customers, Crediting and Debiting Funds to Their Accounts, and the Procedure for Providing Cash for Salaries and Other Needs Provided for by Legislative Acts

I. GENERAL PROVISIONS

1. This Regulation was developed to ensure the implementation of the Law of the Republic of Uzbekistan "On Electronic Payments" (Information Bulletin of the Chambers of the Oliy Majlis of the Republic of Uzbekistan, 2005, No. 12, Article 412) and Resolution No. 264 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 22, 2001 "On Additional Measures to Strengthen Cash Circulation and Increase the Responsibility of Commercial Banks" (Collection of Legislation of the Republic of Uzbekistan, 2001, No. 12, Article 79).

2. This legal act establishes the amount and procedure for applying fine penalties to commercial banks, as well as the procedure for transferring them to customers whose rights and interests were violated due to illegal actions of commercial banks.

3. The liability measures provided for in this Regulation must be included in the text of the contract concluded between the bank and the customer.

II. PENALTIES APPLIED TO BANKS FOR VIOLATING THE PROCEDURE FOR OPENING ACCOUNTS

4. The bank pays a fine in the amount of 0.02 percent of the established minimum amount of the bank's statutory capital for unjustified delays in opening accounts by banks after all necessary documents provided for in the normative acts of the Central Bank have been submitted, or for refusal to open them, as well as for demanding excessive documents for opening accounts of this type.

III. PENALTIES APPLIED TO BANKS FOR FAILURE TO PROVIDE TIMELY CASH PAYMENTS FOR SALARIES AND OTHER NEEDS PROVIDED FOR BY LAWS WHEN FUNDS ARE AVAILABLE

5. The bank pays a fine to customers, including subjects of entrepreneurial activity, in the amount of 0.005 percent of the established minimum amount of the bank's statutory capital for failure to provide timely cash payments for salaries and other needs provided for by laws when funds are available in their accounts.

IV. PENALTIES APPLIED TO BANKS FOR NON-COMPLIANCE WITH THE ESTABLISHED PROCEDURE FOR TRANSFERRING FUNDS TO CUSTOMER ACCOUNTS AND DEBITING THEM

6. The bank pays a fine in the amount of 0.01 percent of the established minimum amount of the bank's statutory capital for violating the procedure for crediting and debiting funds to customer accounts established by legislation, excluding violations of the established deadlines for carrying out electronic payments and returning erroneously carried out electronic payments.

If the deadlines for carrying out electronic payments established by legislative acts are violated by the bank, it is obliged to pay a penalty in the amount of 0.1 percent of the sum of the delayed electronic payment for each day of delay, but not more than 10 percent of the sum of the delayed electronic payment.

If an electronic payment is carried out incorrectly due to the fault of the bank, it is obliged to transfer the funds to the recipient's account without delay on the working day following the day the error was detected. Otherwise, the customer has the right to demand the return of funds from the bank, as well as the payment of a penalty in the amount of 0.1 percent of the sum of the erroneously carried out electronic payment for each day of delay, but not more than 10 percent of the sum of the erroneously carried out electronic payment, in the manner established by law.

V. EXEMPTION OF BANKS FROM PAYING FINES

7. Banks are exempt from paying fines in the following cases:

a) force majeure circumstances, including interruptions that may occur in the interbank electronic payment system;

b) when payment documents that do not meet the requirements established by current laws are submitted by the bank customer;

c) when operations on bank or customer accounts are suspended in the manner established by law.

VI. FINAL PROVISIONS

8. Disputes between the bank and the customer are resolved in accordance with the terms of the contract. If there is no possibility to resolve arising disputes by mutual agreement, they may be considered in court.

9. In accordance with paragraphs 4 – 6 of this Regulation, the amount of the fine paid by the bank is partially covered by the head of the bank (branch) and the chief accountant who committed the violation.