As reported earlier, the Central Bank has drafted amendments to the internal control rules for countering the legalization of proceeds from crime.
The draft expands the list of operations subject to enhanced monitoring. Notably, transactions involving the accounts of individuals under the age of 16 may be flagged as suspicious if the total amount exceeds 40 BRVs (Basic Reference Value) (16.48 million soum) within two business days. The Central Bank’s explanatory note points out that minors under 16 generally lack the legal capacity to make full financial decisions and typically do not maintain high-turnover accounts.
Furthermore, the following operations may now be classified as "high-risk":
- Cash Deposits: Cash credits to individual accounts totaling 2,500 BRVs (1.03 billion soum) or more within a 30-day period. The regulator believes such cash movements may be linked to money laundering or the concealment of funds.
- FATF-Monitored Jurisdictions: Transfers totaling 1,000 BRVs (412 million soum) or more within 30 days to or from countries under FATF enhanced monitoring.
Transactions above 1,000 BRVs (412 million soum) involving cards or e-wallets remain under scrutiny, though an exception is made for real estate and vehicle sales conducted via the new escrow account system.
The amendments also refine suspicious activity criteria for import contracts held by legal entities and solo entrepreneurs. Under the new version, operations are deemed suspicious if foreign currency transferred for an import contract is used to settle accounts receivable through services or "mixed" (goods and services) deliveries. This applies if the total amount per contract reaches 3,000 BRVs (1.236 billion soum) or more within a 30-day period.
