Uzbek Central Bank Proposes New Rules for Bank Oversight

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of Uzbekistan has drafted a set of amendments to its Internal Control Rules for combating the legalization of proceeds from unlawful activities. The proposals include allowing citizens to purchase foreign currency without documentation for amounts up to US$500.

The draft also introduces measures to strengthen oversight of money transfers and other banking operations. In an explanatory note, the Central Bank references recommendations from the Financial Action Task Force (FATF).

Key changes clarify the information required for parties involved in transfers. For senders, this includes the transaction number, residential address, and date of birth for individuals or Taxpayer Identification Number (TIN) for legal entities. For recipients, required details include the transaction number, country or city of location, and TIN for organizations. These data must accompany all domestic payments and transfers of 25 monthly calculation indices (BRV) — approximately 10.3 million soms — or higher. Current rules apply only to electronic transfers of 30 BRV (12.6 million soms) or more.

Commercial banks are also required to attach card numbers to payments for goods and services. Upon request, information about the card-issuing bank and the merchant’s servicing bank must be provided. Similar rules apply to cross-border cash withdrawals via ATMs of foreign banks. Banks must submit requested client information within three business days.

The draft introduces the concept of a “batch transfer,” a transaction including multiple payments to one or several recipients within a single financial institution. In such cases, sender information is attached to the batch, not to each individual payment. Each batch transfer must include a unique transaction number and complete recipient details.