Uzbekistan Central Bank Cracks Down on Payment System Operators and Warns Banks
In June, the Central Bank of Uzbekistan made the decision to revoke the licenses of one payment system operator and three payment organizations. While the names of these companies were not disclosed, it was revealed that the license of Qulay Pul operator had been revoked two weeks prior. The press service of the regulator clarified that Humo and Uzcard were not affected by these license revocations, as they are currently the only two operators listed in the registry of payment system operators.
Furthermore, the Central Bank issued warnings to 20 commercial banks for their non-compliance with current legislation in their interactions with consumers. A report stated that discussions were held on various issues, including the financial condition of credit organizations, adherence to the Central Bank’s requirements and prudential norms, as well as the results of inspections of microfinance organizations.
In addition to these warnings, 13 payment operators were also cautioned due to their non-compliance with the requirements for authorized capital and organizational-legal form. They were notified about the potential application of measures and sanctions in response to their violations.
These recent actions taken by the Central Bank highlight the importance of regulatory compliance in the financial sector in Uzbekistan. It serves as a reminder to payment system operators, payment organizations, and commercial banks to adhere to the regulations set forth by the Central Bank to ensure the stability and integrity of the financial system in the country.
