Clifford Chance
Law Creating a Two-tier Banking System to Take Effect on 1 June 2017 (English)
23 May 2017
The President has put his signature to a law that separates banks into credit institutions with universal and basic licences depending on the amount of their capital.
It is contemplated that such differentiation will help ease the regulatory burden on banks that hold a basic licence. At the same time, the law limits the transactions such banks can perform with foreign entities and individuals.
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