Familiarization of Invest Finance Bank customers with innovations in financial legislation
On December 11, Invest Finance Bank held an event for clients, during which representatives of the bank explained the main points of the updated laws related to banking activities.
On December 11, Invest Finance Bank held an event for clients, during which representatives of the bank explained the main points of the updated laws related to banking activities.
The financial and banking sector of Uzbekistan, like other sectors of the economy, adheres to a policy of openness in their work and in terms of relations with clients, both from the business environment and with individuals.
Commercial banks have been given the task of changing the style of work using the latest achievements of world science, innovative ideas, developments and technologies, with a view to the consistent implementation of the tasks identified by the Action Strategy for the five priority areas of development of the Republic of Uzbekistan in 2017 - 2021. In its activities, InfinBANK adheres to the principle of “Customer is our main value” and one of our main goals is to provide comprehensive support to entrepreneurship, create convenient and profitable banking products, and become a true business partner for customers.
On December 11, at 11:00, at InfinBANK OPERA, employees of the legal department, corporate and retail business departments, as well as deputy chairmen of the bank held explanatory lectures for clients on innovations in legislation related to banking activities.
At the 23rd plenary meeting, the Senate of the Oliy Majlis of Uzbekistan approved the new edition of the Law on Banks and Banking Activities. The new legislative act was adopted in a package with the laws “On Currency Regulation” and “On Payments and Payment Systems” and is considered in conjunction with them.
During the meeting, customers learned that the legislation in the financial sector has become more voluminous, the changes are distinguished by a greater degree of detail and specificity. The list of financial operations conducted by banks is supplemented by new types of services, including trust management of property and assets, purchase and sale of refined precious metals, and operations with derivative financial instruments. The bank is entitled to outsource certain types of services and operations after obtaining permission from the Central Bank.
During the meeting, InfinBANK employees conducted a comparative analysis of new and previous versions of laws. In particular, it was agreed that:
- the Law on Currency Regulation has expanded the list of residents who are residents, it is forbidden to link prices for goods (works, services) sold within the country to foreign currencies and conventional units, the list of foreign exchange transactions permitted between residents and the list of non-commercial transfers have become exhaustive;
- The law “On Banks and Banking Activities” emphasizes the relationship of the regulator with credit organizations and measures to protect the rights of consumers of their services;
- The law “On Payments and Payment Systems” gives a more detailed and specific definition of the payment system, information on their types, participants and rules of operation, introduces a new classification of payment systems. A separate chapter of the document is devoted to the payment services market and the features of working through payment agents and subagents.
The main conclusion of the past information sessions was the understanding by clients that the updated laws have an important role in improving the investment climate in the country, building trust between the bank and customers in building and conducting business in the country. Changes in legislative acts, affecting the transparency of the financial market, contribute to the development of this market.
