Introducing clients of Invest Finance Bank with new changes in financial legislation
On December 11, JSCB Invest Finance Bank arranged an event for its customers where bank representatives have clarified the main points of the updated laws related to banking activities.
On December 11, JSCB Invest Finance Bank arranged an event for its customers where bank representatives have clarified the main points of the updated laws related to banking activities.
The financial and banking sector in Uzbekistan, like other divisions of the economy, adheres to a policy of openness in their work and in customer relations, both from the business field and with individuals.
Commercial banks have been assigned a mission related to changing their operating style using modern 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 “The customer is our main value” principle 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 our customers.
On December 11, at 11:00, at InfinBANK main office, employees of the legal department, corporate and retail business departments, as well as deputy chairmen of the bank had conducted an explanatory lectures for clients on new changes in legislation related to banking activities.
At the 23rd plenary session, the Senate of the Oliy Majlis had approved the new edition to the Law on Banks and Banking Activities. The new legislative act was adopted in a set with the laws “On Banks and Banking Activities”, “On Currency Regulation” and “On Payments and Payment Systems” and is considered in conjunction together with above-mentioned legal documents.
In the meeting scope, customers learned the legislation in the financial sector has become more extensional, the changes are distinguished by a greater degree of detail and specificity. The list of financial transactions accomplished by banks is supplemented by new types of services, including trust management of property and assets, purchase and sale of refined precious metals, and transactions with derivative financial instruments. The bank is entitled to outsource certain types of services and operations after having permission from the Central Bank
InfinBANK employees conducted a comparative analysis of new and previous versions of laws in the meeting. In particular, it was spoken that:
- the law “On Currency Regulation” expanded the list of people who are deemed as residents, it is forbidden to link the prices of goods (work, services) sold within the country to foreign currencies and conventional units, the list of currency transactions permitted between residents and the list of non-trading 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” provides a more comprehensive 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 dedicated to the payment services market and the features of operating through payment agents and subagents.
The main conclusion of the arranged information sessions was the understanding by customers that newly updated laws have an important role in enhancing nation’s investment climate, building trust between a bank and customers in making and conducting business in the country. Changes in legislative acts, affecting the transparency of the financial market, contribute to the development of this market.
