The Central Bank has imposed fines on three commercial banks

The Central Bank penalized 3 commercial banks for failing to adhere to the regulatory and legal obligations. This information was disclosed by the regulator's press service.

During the February 2024 meeting, the Bank Supervision Committee of the Central Bank addressed 31 matters and made relevant determinations.

Among these, 18 issues were related to registration and authorization, such as amendments to credit organizations' charters (3), approval for owning shares in their charter funds (2), and licensing (1). Microfinance matters, including registration in the organizations' activity register and account registration (3), as well as the assessment of candidates for supervisory board, management roles, and key positions (9), were also discussed.

In discussions concerning the financial status of credit organizations (13 issues), compliance with Central Bank instructions and prudential standards by banks and payment institutions, the findings of conducted studies in banks and microfinance organizations were reviewed.

The statement reveals, "As a result of the examination, fines were imposed on 3 banks for non-compliance with current legislation and regulatory documents of the Central Bank. Additionally, warnings were issued to 6 banks and 1 mortgage refinancing company regarding potential sanctions."

Furthermore, the committee, with the aim of upholding banking system stability and safeguarding depositors' and investors' rights, is tasked with rectifying identified deficiencies in commercial banks' and microfinance organizations' management. It includes devising appropriate measures, adhering to established prudential regulations, and addressing existing weaknesses in banking activities. Directives were issued to ensure compliance with requirements aimed at rectifying and enhancing the financial landscape.