The Central Bank has drafted amendments to the internal control rules for countering the legalization of proceeds from crime. Public discussion of the draft will continue through April 4.
The document raises requirements for money transfers and banking operations. According to the explanatory note, these changes were prepared based on FATF (Financial Action Task Force) recommendations.
The amendments clarify and expand data requirements for transfers. Specifically, they introduce mandatory end-to-end traceability from sender to recipient; this requires including an account number or a unique transaction identifier.
A key change is the reduction of the threshold at which banks must collect full data on both the sender and recipient, aligning domestic transfers with international standards. While FATF allows a minimum threshold of $1,000 (approx. 12.2 million soum or 29 BRVs (Basic Reference Value)), the Central Bank proposes lowering Uzbekistan’s current threshold from 30 BRVs (12.36 million soum) to 25 BRVs (10.3 million soum). For transfers below 25 BRVs, basic requirements—names and identifiers—remain mandatory.
Regarding bank cards, banks must ensure card number traceability when paying for goods and services. Upon request, information about the issuing bank and the merchant’s acquiring bank must be provided. These rules also apply to P2P transfers via cards and e-wallets.
The project also introduces regulations for "batch transfers"—operations combining multiple payments sent to a single financial institution. In certain cases, banks may waive some sender information requirements if the transfer includes a unique identifier allowing for full traceability in the destination country.
