Uzbekistan’s Central Bank to Tighten Oversight of Large Bank Transfers

The Central Bank of Uzbekistan is preparing to strengthen its oversight of large-scale bank transfers, according to Deputy Chairman Sodir Melibaev, who addressed lawmakers from the Legislative Chamber of the Oliy Majlis.

The regulator is currently working on a new draft law aimed at regulating payment services and introducing preventive measures against violations in the sector.

Melibaev highlighted the rising threat of online payment fraud, stressing the need to implement anti-fraud mechanisms and biometric systems for user identification.

The proposed legislation will also classify violations by payment service providers into three categories — minor, serious and gross. Sanctions will be tailored accordingly, based on the severity of the infraction.

The Central Bank is expected to receive expanded authority to protect consumer rights in the financial sector. However, Melibaev did not disclose specific details about these new powers.

Kursiv Uzbekistan also reports that Uzbekistan had approved a draft law on bank rehabilitation and resolution.