Uzbekistan banks to tighten transaction oversight

Uzbekistan's banking sector is poised to implement stricter oversight measures for substantial transfers and cash transactions involving foreign currency. These new provisions are part of updated internal control regulations designed to combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.

Starting August 9, financial institutions will be mandated to conduct independent customer due diligence for single transactions, including those executed as a series of interconnected operations. These verification procedures become compulsory under specific conditions:

For domestic electronic payments and money transfers that are equal to or exceed 25 Basic reference value (BRV), banks must provide comprehensive details for both the sender and