Gov’t tightens bank checks on transactions above UZS 10.3 million
Uzbekistan has introduced new requirements for large financial transactions and money transfers, requiring commercial banks to conduct enhanced customer checks and provide more information about transfer senders and recipients.
The government has implemented stricter banking regulations for transactions exceeding UZS 10.3 million, effective August 9. These changes are part of revised internal control mandates for commercial banks, designed to combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.
Under the updated guidelines, banks are now required to conduct enhanced due diligence independently for single transactions, which includes multiple related transactions.
Additional scrutiny will be applied when a customer withdraws foreign currency cash equivalent to at least 500 times the base calculation value from a bank's cash desk using a bank card issued by a different institution. This threshold is currently set at UZS 206 million.
Transactions of UZS 175 million or more that are executed without opening or utilizing a bank account will also be subject to increased checks.
For domestic electronic payments and money transfers, more comprehensive information is now mandated for amounts above UZS 10.3 million. Specifically, for transfers reaching at least 25 times the base calculation value, or UZS 10.3 million, details for both the sender and the recipient must be included in the payment information. An exception exists if the recipient bank can acquire the sender's full information from alternative sources.
These new requirements aim to bolster banks' oversight of significant one-off transactions and establish more detailed protocols for identifying participants in money transfers.