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Uzbekistan: President signs law on banks and banking activities
The President of the Republic of Uzbekistan, Shavkat Mirziyoyev, signed, on 5 November 2019, the Law of the Republic of Uzbekistan No. ZRU-580 of 5 November 2019 on amending the law on banks and banking activities ('the Law'). In particular, the Law stipulates requirements for, among other things, providing information to the Central Bank of Uzbekistan, outsourcing, internal risk management, and anti-money laundering and countering the financing of terrorism. In addition, the Law details the supervision processes over banks, sanctions that can be implemented by the Central Bank, and obligations regarding relationships between banks and consumers.
The Law came into effect on its publication.
You can read the Law, available in Russian and Uzbek, here.
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