Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has drafted common requirements for commercial banks, payment systems and services to detect and prevent suspicious transactions. The draft regulation has been published on the portal for discussing draft regulatory and legal acts (SOVAZ).
The proposed rules establish requirements for anti-fraud systems designed to identify transactions showing signs of theft of another person’s property or other offenses, as well as transactions carried out for illegal purposes or using funds from an illegal source.
Responsibility for organizing the operation of anti-fraud systems will rest with the management boards of banks, payment systems and services. They will be required to approve anti-fraud strategies, provide the necessary financial and technical resources, and assess the performance of the relevant systems at least once every quarter.
Anti-fraud risk assessments must be conducted at least once a year. An unscheduled assessment will be required following significant technological changes or the launch of new products or remote-service channels.
Under the draft, anti-fraud systems must operate around the clock, cover all remote-service channels and identify suspicious activity in real time.
Criteria for identifying suspicious transactions must be based on a risk-based approach, with stricter requirements for high-risk areas. The rules also provide for the simultaneous use of multiple factors and scoring, as well as regular reviews of detection criteria in light of new fraud schemes, changes in customer behavior and incident statistics.
The criteria must also be measurable and objective, while system operations must be transparent and subject to oversight. The draft proposes updating suspicious-transaction indicators at least once every quarter.
Each indicator in an anti-fraud system will be assigned a score based on its significance. Following the assessment, a transaction will be classified as carrying a low, medium or high level of risk.
For low-risk transact
