Banks to Tighten Control Over High-Risk Transactions

Tashkent, Uzbekistan (UzDaily.com) — Commercial banks in Uzbekistan are planning to strengthen oversight of high-risk financial operations. Under proposed amendments to internal control regulations, large transfers to individuals starting from 2,500 sizes of basic estimated value (over 1 billion soums) will be subject to additional scrutiny.

Particular attention will be given to transactions involving minors. Transfers made by individuals under the age of 16 exceeding 40 base calculation units (around 16.5 million soums) within two working days may also trigger enhanced monitoring.

Transactions involving incoming funds to bank cards or e-wallets exceeding 1,000 sizes of basic estimated value (approximately 412 million soums), whether in a single transfer or accumulated over a 30-day period, will fall under increased supervision.

Special focus will be placed on transfers originating from countries under heightened monitoring, as well as cases involving multiple incoming payments within a short timeframe. Exceptions will apply to legally conducted transactions related to real estate and vehicle sales, including settlements through escrow accounts.

Additionally, banks will monitor the use of foreign currency funds under import contracts aimed at settling receivables through services or mixed supply arrangements, if the total amount under a single contract exceeds 3,000 sizes of basic estimated value (around 1.2 billion soums) within 30 days.

The document also уточняет the list of clients considered high-risk. While previously all non-residents were included, those holding a personal identification number (PINFL) in Uzbekistan will now be excluded from this category.

At the same time, legal entities with nominal founders are proposed to be added to the high-risk category.