The Central Bank of Uzbekistan has put forward a draft amendment for public discussion, proposing to lower the threshold amount at which banks are required to accompany money transfers with full information about the sender and recipient. Currently set at 30 basic calculation units, the proposed changes would reduce this to 25 basic calculation units (approximately 10.3 million Uzbek soums). The draft has been published on the Portal for Discussion of Draft Normative Legal Acts.
Under the new rules outlined in the project, for transfers exceeding this amount, banks must ensure that transactions are accompanied by complete data. For individuals, this includes name, document details, residential address, and date of birth, while for legal entities, it encompasses the taxpayer identification number and other relevant information. Additionally, details about the recipient, such as name, requisites, and country or city as specified by the rules, must be provided.
The project introduces a requirement for traceability of transfers: operations must be accompanied by an account number or a unique identifier that allows tracking of fund movements from sender to recipient. Furthermore, it mandates that banks ensure traceability of operations involving bank cards for payments of goods and services. Upon request, information about the card-issuing bank and the bank servicing the payment recipient must be provided.
The draft also expands the list of operations subject to enhanced scrutiny. These include operations on accounts of persons under 16 years old if the amount exceeds 40 basic calculation units within two working days, transfers equal to or exceeding 1000 basic calculation units within 30 days to or from states under enhanced monitoring by the Financial Action Task Force (FATF), and cash deposits into individuals' accounts amounting to 2500 basic calculation units or more within 30 days.
For such operations, banks are required to conduct comprehensive analyses in accordance with legislation on combating money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction. These measures aim to increase transparency in the financial system and strengthen efforts against illicit activities.
Source: kun.uz