Report on the Regulatory Impact Assessment of the Normative Legal Act

Type, Name, and Details of the Normative Legal Act
Law of the Republic of Uzbekistan No. ORQ-530-II dated August 30, 2003 "On Bank Secrecy"
State Body or Organization Conducting the RIA
Central Bank of the Republic of Uzbekistan
Opinions of Competent Authorities Obtained
Ministry of Economy and Finance
Committee for Competition
Committee for Ecology
Date 02.09.2026
Results of the Regulatory Impact Assessment
Conclusion
According to the analysis results, the regulatory method involving the non-disclosure of information constituting bank secrecy is currently functioning. The current Law regulates a traditional model, namely relations between banks and their customers, as well as between customers and third parties. However, today the participants of the financial market are expanding significantly. During the analysis, a number of negative effects and consequences were identified. Taking this into account, there is a need to review existing problematic issues while maintaining the current regulatory method and to introduce relevant amendments and additions to the law.
Scope of the Document
Objects of information constituting bank secrecy are the following information protected by the bank:

information regarding operations, accounts, and deposits of its customers (representatives);
information obtained by the bank about this customer (representative) in connection with providing banking services to this customer (representative);
information about the property of the customer (representative) stored in bank safes and buildings, its characteristics, and value;
information regarding interbank operations and transactions carried out at the request of the customer (representative) or for their benefit;
information about another bank's customer (representative) that became known as a result of the circulation of information constituting bank secrecy between banks;
information regarding participants of the accumulated pension system, the amount and movement of pension contributions, and pension funds in citizens' personal accumulated pension accounts.

Subjects of information constituting bank secrecy are: the customer (their representative), heirs and legal successors, the bank, the Central Bank, the Department for Combating Economic Crimes, the Bureau of Compulsory Execution (BCE), the State Tax Service, the Accounts Chamber, the Ministry of Justice, the National Agency for Social Protection, the credit bureau, the court, the prosecutor's office, preliminary investigation and inquiry bodies, bodies carrying out operational-search activities, notarial and consular institutions.

Customer – a physical and legal person who is the owner of information constituting bank secrecy.
Heirs and legal successors – persons who accept rights and obligations from another person by inheritance or legal succession.
Bank – a legal entity that is a commercial organization carrying out a set of operations defined as banking activities, such as opening and maintaining bank accounts, making payments, attracting monetary funds to deposits (deposits), and granting loans (debts) in its own name.
Central Bank – a state body that regulates the sphere of banking activities and exercises powers in licensing, regulation, and prudential supervision.

Bases for the Disclosure of Bank Secrecy
Department for Combating Economic Crimes – a specially authorized state body for combating the legalization of income obtained from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction.
BCE – a specially authorized body ensuring the enforcement of court decisions.
State Tax Service – provided in accordance with legislation in cases related to tax issues for the bank's customer (representative).
Accounts Chamber – the highest body of state external audit and financial control. It has the right to obtain information constituting bank secrecy to perform the tasks assigned to it.
Ministry of Justice – information constituting bank secrecy regarding non-profit non-governmental organizations, if such information is necessary for it to perform its assigned tasks in the field of monitoring compliance with legislation in the activities of these organizations.
National Agency for Social Protection – in matters of providing services and assistance to persons in need of social protection.
Credit Bureau – a legal entity providing services for the exchange of credit information.
Court – provided based on a written request regarding cases in the court's proceedings against this bank's customer (representative).
Prosecutor's Office, preliminary investigation, inquiry bodies, and bodies carrying out operational-search activities – with the sanction of the prosecutor:

to identify circumstances in criminal cases in their proceedings, as well as to ensure the recovery of damages or seizure of property – based on the justified decision of the investigator or inquiry officer;
for bodies carrying out operational-search activities to perform the tasks assigned to them in operational-search cases in their proceedings – based on a justified decision approved by the head of the body carrying out operational-search activities.
Notarial and consular institutions – in cases necessary for checking the composition and location of inheritance property when issuing a certificate of the right to inheritance.

Effectiveness and Efficiency of the Document
The Law of the Republic of Uzbekistan "On Bank Secrecy" is of great importance in ensuring the confidentiality of information in relations between banks and their customers, protecting information constituting bank secrecy, and establishing the legal grounds for its disclosure to third parties.
As a result of the operation of this Law, the legal grounds for the owner of information constituting bank secrecy, i.e., the customer, to store, use, and disclose their information have been established. In this regard, specific obligations are imposed on banks to ensure the confidentiality of information about customers, and a mechanism is provided for disclosing information related to bank secrecy only in the manner established by this Law. Currently, no cases have been identified regarding the illegal disclosure of information constituting bank secrecy and subsequent criminal liability.
Positive and Negative Consequences of the Document
Positive Consequences
Guarantees are provided for the protection of the rights and legitimate interests of consumers of banking services. The legal grounds for using customers' accounts, operations, and other information constituting bank secrecy stored in banks serve to ensure trust in the banking system.

Negative Consequences
Generally, the Law has achieved its main goals and created stable legal foundations for the institution of bank secrecy. The current Law was adopted in 2003 and does not fully cover the changes in the current financial market, and therefore it has negative aspects. These are mainly related to the changes in the financial market and do not fully cover the needs of the modern financial market. The intensification of digitalization processes, the expansion of remote financial services, the emergence of participants in the financial technology market, and other new participants are forming new models for the exchange of information constituting bank secrecy. There is a need to strengthen guarantees of the secrecy of information about the funds of legal and physical persons to protect them and their business reputation from encroachments, as well as to establish legal grounds for information exchange between new financial services and financial market participants, provide information through digital platforms, use them for specified purposes, ensure information security. The absence of a unified norm establishing administrative and criminal liability for offenses related to the disclosure of information constituting bank secrecy in our country creates difficulties in analyzing the actual situation in this area and taking measures to resolve problems. Currently, liability is provided for under Article 46 of the Code of Administrative Offenses (Disclosure of information that may cause moral or material harm to a citizen) or Article 191 of the Criminal Code (Illegal collection, disclosure, or use of information) for disclosing the secrets of bank operations and funds.
Article 3 of the Law "On Bank Secrecy" lists six types of information constituting bank secrecy. However, it can be seen that the current Criminal Code does not provide comprehensive protection for information constituting bank secrecy; specifically, Article 192-8 of the Special Part of the Code protects only information about the existence of monetary funds in the accounts of business entities, while Articles 141-1, 141-2, 143, and 191 protect information constituting bank secrecy as general norms related to the secrecy of reports.
Accordingly, the experience of foreign countries in criminal-legal regulation of information constituting bank secrecy was studied. Article 199 of the Criminal Code of Armenia (Illegal collection or disclosure of information constituting commercial, insurance, or bank secrecy), Article 183 of the Criminal Code of the Russian Federation (Illegal acquisition and disclosure of information constituting commercial, tax, or bank secrecy), Article 202 of the Criminal Code of Azerbaijan (Illegal acquisition and disclosure of information constituting commercial or bank secrecy), Article 245-10 of the Criminal Code of Moldova (Illegal acquisition and/or disclosure of information constituting commercial, bank, or tax secrecy), Article 202 of the Criminal Code of Georgia (Illegal collection, transmission, disclosure, or use of information including insider information, commercial, or bank secrecy), Articles 254-255 of the Criminal Code of Belarus (Commercial espionage and disclosure of commercial secrets), Articles 277-278 of the Criminal Code of Tajikistan (Illegal acquisition of information constituting commercial or bank secrecy and disclosure of commercial or bank secrecy), Article 250 of the Criminal Code of Turkmenistan (Illegal acquisition and disclosure of information constituting commercial or bank secrecy), Articles 227-228 of the Criminal Code of Kyrgyzstan (Illegal acquisition of information constituting commercial or bank secrecy and disclosure of commercial, bank, or taxpayer secrecy), Article 223 of the Criminal Code of Kazakhstan (Illegal acquisition, disclosure, or use of information constituting commercial or bank secrecy, tax secrecy obtained during horizontal monitoring, microcredit secrecy, collector activity secrecy, as well as information related to the legalization of property), and Articles 231-232 of the Criminal Code of Ukraine (Illegal collection or use of information constituting commercial or bank secrecy for the purpose of use, and disclosure of commercial, bank, or professional secrecy in capital markets and organized commodity markets) are cited, where terms such as commercial, bank, insurance, tax (taxpayer), and professional secrecy are used.

Additionally, due to the fact that the owner of bank secrecy is not informed about the illegal acquisition or use of information constituting bank secrecy, and these actions are carried out secretly, social offenses of this category remain latent crimes (due to the lack of application to the Internal Affairs Bodies). Based on the study results, there is a need to provide for the disclosure of information constituting bank secrecy to new participants of the financial market based on the customer's consent and to strengthen liability for violating the legislation on bank secrecy.

I certify the accuracy of this report and the reliability of the data.
Head of the State Body (Organization) ____________ ____________ (Signature) (Name)

INFORMATION ON THE RESULTS OF THE REGULATORY IMPACT ASSESSMENT

Scope of the Regulatory Method
Objects of information constituting bank secrecy are the following information protected by the bank:

information regarding operations, accounts, and deposits of its customers (representatives);
information obtained by the bank about this customer (representative) in connection with providing banking services to this customer (representative);
information about the property of the customer (representative) stored in bank safes and buildings, its characteristics, and value;
information regarding interbank operations and transactions carried out at the request of the customer (representative) or for their benefit;
information about another bank's customer (representative) that became known as a result of the circulation of information constituting bank secrecy between banks;
information regarding participants of the accumulated pension system, the amount and movement of pension contributions, and pension funds in citizens' personal accumulated pension accounts.

to identify circumstances in criminal cases in their proceedings, as well as to ensure the recovery of damages or seizure of property – based on the justified decision of the investigator or inquiry officer;
for bodies carrying out operational-search activities to perform the tasks assigned to them in operational-search cases in their proceedings – based on a justified decision approved by the head of the body carrying out operational-search activities.
Notarial and consular institutions – in cases necessary for checking the composition and location of inheritance property when issuing a certificate of the right to inheritance.

Indicators of the Effectiveness of the Regulatory Method
The Law of the Republic of Uzbekistan "On Bank Secrecy" is of great importance in ensuring the confidentiality of information in relations between banks and their customers, protecting information constituting bank secrecy, and establishing the legal grounds for its disclosure to third parties.
As a result of the operation of this Law, the legal grounds for the owner of information constituting bank secrecy, i.e., the customer, to store, use, and disclose their information have been established. In this regard, specific obligations are imposed on banks to ensure the confidentiality of information about customers, and a mechanism is provided for disclosing information related to bank secrecy only in the manner established by this Law. Currently, no cases have been identified regarding the illegal disclosure of information constituting bank secrecy and subsequent criminal liability.
Positive and Negative Consequences of the Regulatory Method
Positive Consequences
Guarantees are provided for the protection of the rights and legitimate interests of consumers of banking services. The legal grounds for using customers' accounts, operations, and other information constituting bank secrecy stored in banks serve to ensure trust in the banking system.

Negative Consequences
Generally, the Law has achieved its main goals and created stable legal foundations for the institution of bank secrecy. The current Law was adopted in 2003 and does not fully cover the changes in the current financial market, and therefore it has negative aspects. These are mainly related to the changes in the financial market and do not fully cover the needs of the modern financial market. The intensification of digitalization processes, the expansion of remote financial services, the emergence of participants in the financial technology market, and other new participants are forming new models for the exchange of information constituting bank secrecy. There is a need to strengthen guarantees of the secrecy of information about the funds of legal and physical persons to protect them and their business reputation from encroachments, as well as to establish legal grounds for information exchange between new financial services and financial market participants, provide information through digital platforms, use them for specified purposes, ensure information security. The absence of a unified norm establishing administrative and criminal liability for offenses related to the disclosure of information constituting bank secrecy in our country creates difficulties in analyzing the actual situation in this area and taking measures to resolve problems. Currently, liability is provided for under Article 46 of the Code of Administrative Offenses (Disclosure of information that may cause moral or material harm to a citizen) or Article 191 of the Criminal Code (Illegal collection, disclosure, or use of information) for disclosing the secrets of bank operations and funds.
Article 3 of the Law "On Bank Secrecy" lists six types of information constituting bank secrecy. However, it can be seen that the current Criminal Code does not provide comprehensive protection for information constituting bank secrecy; specifically, Article 192-8 of the Special Part of the Code protects only information about the existence of monetary funds in the accounts of business entities, while Articles 141-1, 141-2, 143, and 191 protect information constituting bank secrecy as general norms related to the secrecy of reports.
Accordingly, the experience of foreign countries in criminal-legal regulation of information constituting bank secrecy was studied. Article 199 of the Criminal Code of Armenia (Illegal collection or disclosure of information constituting commercial, insurance, or bank secrecy), Article 183 of the Criminal Code of the Russian Federation (Illegal acquisition and disclosure of information constituting commercial, tax, or bank secrecy), Article 202 of the Criminal Code of Azerbaijan (Illegal acquisition and disclosure of information constituting commercial or bank secrecy), Article 245-10 of the Criminal Code of Moldova (Illegal acquisition and/or disclosure of information constituting commercial, bank, or tax secrecy), Article 202 of the Criminal Code of Georgia (Illegal collection, transmission, disclosure, or use of information including insider information, commercial, or bank secrecy), Articles 254-255 of the Criminal Code of Belarus (Commercial espionage and disclosure of commercial secrets), Articles 277-278 of the Criminal Code of Tajikistan (Illegal acquisition of information constituting commercial or bank secrecy and disclosure of commercial or bank secrecy), Article 250 of the Criminal Code of Turkmenistan (Illegal acquisition and disclosure of information constituting commercial or bank secrecy), Articles 227-228 of the Criminal Code of Kyrgyzstan (Illegal acquisition of information constituting commercial or bank secrecy and disclosure of commercial, bank, or taxpayer secrecy), and Article 223 of the Criminal Code of Kazakhstan (Illegal acquisition, disclosure, or use of information constituting commercial or bank secrecy, tax secrecy obtained during horizontal monitoring, microcredit secrecy, collector activity secrecy, as well as information related to the legalization of property) are cited, where terms such as commercial, bank, insurance, tax (taxpayer), and professional secrecy are used.

Efficiency of the Regulatory Method (Economic Analysis)
Based on the economic analysis, it is not possible to assess the efficiency of the regulatory method.
Information on the Public Discussion of the RIA Report
The RIA report was posted on the official website of the Central Bank for public discussion.
Public discussion lasted from September 2, 2026, to September 12, 2026, and no suggestions or objections were received.
Other Information Allowing for the Assessment of the Normative Legal Act
No other information allowing for assessment is available.
Conclusion
Based on the study results, it is proposed to provide for the disclosure of information constituting bank secrecy to new participants of the financial market and to third parties with the customer's consent, and to strengthen liability for violating the legislation on bank secrecy.