Regulatory Alerts2026-09-02
Added · Updated
Report on the Regulatory Impact Assessment of the Normative Legal Act
The Central Bank of Uzbekistan reports that the Law "On Bank Secrecy" (2003) is outdated and fails to cover modern financial market changes, such as digitalization and new financial technology participants. The assessment identifies negative consequences due to the lack of a unified norm for administrative and criminal liability regarding the disclosure of bank secrecy, noting that current protections in the Criminal Code are fragmented. The report concludes by recommending amendments to allow the disclosure of bank secrecy information to new market participants with customer consent and to strengthen legal liability for violations.
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