The new rules took effect on August 9 as part of amendments to internal control requirements for commercial banks aimed at combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
Under the updated requirements, banks must independently carry out enhanced due diligence when processing one-off transactions, including several related transactions.
Additional control measures apply when a customer withdraws cash foreign currency worth at least 500 times the base calculation value from a bank cash desk using a bank card issued by another bank. The current threshold is UZS 206 million.
Enhanced checks are also required for transactions worth UZS 175 million or more conducted without opening or using a bank account.
More information required for transfers above UZS 10.3 million
The changes also apply to domestic electronic payments and money transfers.
For transfers amounting to at least 25 times the base calculation value, or UZS 10.3 million, information about both the sender and recipient must be included in the payment information.
An exception applies when the recipient bank can obtain the sender’s complete information from other sources.
The new requirements are intended to strengthen banks’ oversight of large one-off transactions while introducing more detailed rules for identifying participants in money transfers.
