Uzbekistan is introducing stricter oversight of large bank card transactions, allowing banks to report suspicious activity to authorities without notifying the customer.

This is stipulated in a new joint resolution by the Central Bank and the Department for Combating Economic Crimes under the General Prosecutor's Office. The document was registered by the Ministry of Justice on May 8 and will take effect three months after official publication.

The new rules enhance monitoring of large and potentially suspicious transactions and introduce additional requirements for tracking transfers. A key change is the mandatory traceability of card payments. Commercial banks must ensure the ability to trace the bank card number from sender to recipient when paying for goods and services.

Large transfers via mobile apps will also come under special scrutiny. This includes outgoing transfers exceeding 206 million soums within 30 days, as well as incoming receipts exceeding 412 million soums over the same period.

Banks will pay particular attention to transactions involving countries under enhanced international financial monitoring, as well as large transactions on accounts of individuals under 16 years of age.

If a transaction appears suspicious, the bank must conduct additional analysis, including verifying the source of funds, examining the nature of the transfer, and assessing whether the transaction matches the customer's usual financial activity. If signs of a possible violation are found, information will be forwarded to the authorized bodies. The bank may not notify the customer about such a review.

Additionally, the document enshrines the possibility of identifying customers using digital services, including electronic documents through the Unified Portal of Interactive Government Services and the Social Card mobile application.

According to the resolution, the changes aim to enhance financial transparency and align banking controls with international standards.

Source: podrobno.uz