Uzbekistan’s Central Bank Proposes Lower Transaction Limit Without Opening a Bank Account

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan plans to set a new threshold for transactions conducted without opening a bank account. Beyond this limit, financial institutions will be required to carry out enhanced checks. The draft resolution has been published on the regulatory acts discussion portal.

The document proposes lowering the current limit from 500 base calculation units, equivalent to approximately 206 million soums, to a fixed threshold of 175 million soums.

In the explanatory note, the Central Bank of Uzbekistan references FATF recommendations, which call for enhanced monitoring for single transactions exceeding US$15,000. The current threshold in Uzbekistan is roughly US$16,900.

Additionally, the draft includes changes to the process of identifying individuals. In addition to biometric passports and ID cards, banks will be able to verify clients using the new model driver’s license, as well as electronic versions of documents via the EPIGU system and the Social Card mobile application.