Uzbekistan is set to tighten banking oversight on large transfers and cash transactions involving foreign currency. The new steps are part of updated internal control regulations aimed at combating money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.
Effective August 9, banks will be required to conduct independent customer due diligence for one-off transactions, including those occurring through a series of linked operations. Specifically, these checks are mandatory when:
- customers withdraw cash in a foreign currency from a bank teller using cards issued by other banks, in amounts totaling 500 times the Base Calculating Amount (BCA) or more.
- transactions are conducted without opening or using a bank account for amounts totaling 175 million soums or more.
For domestic electronic payments and money transfers equal to or exceeding 25 Basic reference value (BRV), banks must include full details of both the sender and the recipient. An exception is made only if the receiving commercial bank can access the sender's full information through other verifiable sources.
For transfers below the 25 BRV threshold, banks are still required to transmit the names of the sender and recipient, along with an account number or a unique transaction ID to ensure the transfer remains traceable.
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