Central Bank of Uzbekistan Enhances Oversight on Transfer Controls

The Central Bank of Uzbekistan has announced that strengthening control over money transfers will not create any difficulties for bank customers or users of payment systems.

The regulator emphasised that the new rules will primarily impact the exchange of information between payment organizations and banks, while ordinary users will not experience any changes. Payment organisations already possess all the necessary information, which clients provide when they sign contracts to open accounts or access other financial services.

The new regulations will take effect in three months. Payment organizations will be required to exchange personal data concerning the senders and recipients of transfers over 11.25 mln soums. These changes aim to combat money laundering more effectively.

Customers will undergo verification when opening accounts online. These checks are designed to help identify fictitious company owners.

Kursiv Uzbekistan also reports about the plans to introduce uniform standards for Uzbek banks.