Uzbekistan Lowers Threshold for Transactions Without Checks

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan has lowered the threshold for financial transactions, including cash transactions, that do not require customer due diligence to 175 million soums from 9 August, according to a resolution of the Central Bank of Uzbekistan.

The previous threshold was 500 base calculation units, or 206 million soums.

The Central Bank adopted the resolution in May, providing a three-month period to introduce the new threshold.

The Central Bank previously said the reduction was intended to bring the requirements into line with recommendations of the Financial Action Task Force (FATF). The threshold was set at an amount equivalent to US$15,000.