Official Bank Statement
Dear clients and partners of the Bank!
Dear clients and partners!
We would like to inform you that we have recently seen negative news about our Bank placed in unofficial media. Hereby, we want to dispel the ungrounded arguments contained in various articles that generate various unfavorable rumors about our Bank.
From the very day of our Bank’s establishment, we diligently cared about our reputation of a transparent Bank and in this regard, immediately in the first year of our operation we hired an international audit company from the "big" four group. International audit companies have issued independent unqualified audit conclusions without any reservations on their end for all 10 years of our existence. Moreover, for creditors of our Bank we signed an agreement in 2011 with one of the leading international rating agencies to obtain a credit rating for the Bank’s financial stability assessment. These steps were knowingly taken to show current and future partners our reliability and transparency.
The above-mentioned ungrounded articles indicate the alleged involvement of the Bank in the money laundering of certain persons funds obtained illegally. We consider these accusations absolutely unsupported by any justification. Many people are aware that the currency legislation has been thorough in Uzbekistan over the past 10 years. In accordance with the Presidential Decree of the Republic of Uzbekistan No PD-1363 dated from 24.01.1996 "On measures to strengthen payment discipline and the system of mutual settlements", commercial banks have been responsible for preventing the formation of overdue accounts receivables from the Bank's customers under import contracts. In other words, a thorough monitoring of the reasonableness of the Bank's customers has been carried out for each payment in foreign currency. Any payment under the import contract should have been supported with imported good supplies, and the border crossing of such goods has been recorded by the relevant customs authorities of the Republic of Uzbekistan. The Bank has regularly reported the generation of receivables from its customers and has always acted under the framework of the current legislation.
Furthermore, on August 26, 2004 the Law of the Republic of Uzbekistan "On counteracting the legalization of income derived from criminal activity and the financing of terrorism" was adopted. Within this law the rules for internal control on preventing money laundering and terrorist financing were developed at «InFinBank». Over the entire period of its existence, the Bank strictly adhered to these rules and acted in accordance with the law requirements. It is noteworthy the Bank has never opened and does not have correspondent banking relationships in Latvia and the UAE.
We officially confirm that no regulatory inspection or checks are held at the Bank now. Anyone can confirm that by sending an official inquiry to the General Prosecutor's Office of the Republic of Uzbekistan and to the Central Bank of Uzbekistan.
Taking into account the aforementioned, we want to assure you once again that we work strictly under the framework of the current legislation and we always strive for an utmost transparency. Again we reassure you that our Bank and our shareholders are reliable partners and we take all necessary actions solely for the benefit of our country and ultimately for the benefit of the people of Uzbekistan.
Yours faithfully,
Chairman of the Supervisory Board
JSCB «InFinBank» Abdusamadov M.A.