Uzbekistan has lowered the limit on transactions without client verification.
As of August 9, the limit on cash transactions without proper customer verification in Uzbekistan has been reduced from 206 million to 175 million soums.
On August 9, a change came into effect in Uzbekistan concerning the limit on cash transactions that do not require mandatory customer verification. This threshold is now set at 175 million soums, which also applies to cash transactions.
Previously, the amount not requiring due diligence was 500 basic calculation units, equivalent to 206 million soums. This change is enshrined in a resolution of the Central Bank of Uzbekistan.
The resolution was adopted by the Central Bank in May of this year, with a three-month deadline for its implementation.
The Central Bank previously explained that the reduction in the threshold was due to the need to harmonize national requirements with the recommendations of the Financial Action Task Force on Money Laundering (FATF). The established limit is equivalent to 15,000 US dollars.