Why is this important
The tightening of supervision is aimed at protecting consumers, combating money laundering, developing microfinancing, and forming a new generation of digital banks.
Key facts
- 7 banks warned
- 13 payment organizations were warned.
- 8 banks were fined for non-compliance with the legislation
What else
Issues of issuing the first IFB license are being considered. Financial organizations are obliged to eliminate violations. The Central Bank will strengthen requirements for transparency and protection of clients’ rights.
Context
The new law allows the creation of microfinance banks (MFBs) with a capital of 50 billion soums. Tayyab Finance has already received preliminary permission to transform into an IFB.
