Central Bank of Uzbekistan opens payment rules draft

Tashkent, Uzbekistan (UzDaily.com) — Central Bank of the Republic of Uzbekistan has submitted a draft resolution for public discussion proposing amendments and additions to the current regulation governing the licensing procedure for payment system operators and payment organizations.

The document has been posted on the national regulatory draft portal regulation.gov.uz and is open for comments from market participants and the public.

The proposed changes are aimed at strengthening transparency in ownership structures and control mechanisms within the payment services sector. In particular, the draft introduces the concept of a beneficial owner, defined as a natural person or group of persons who ultimately own or control a company or its operations.

Another key direction of the reform is the alignment of national licensing procedures with international standards, including recommendations from the Financial Action Task Force (FATF) on combating money laundering.

The Central Bank noted that the initiative is intended to enhance transparency in the financial sector and strengthen mechanisms to mitigate risks associated with money laundering and the financing of illegal activities.

The regulator has called on citizens, experts, and payment market participants to take part in the discussion and submit their proposals and comments. The Central Bank stressed that feedback will be taken into account in the further refinement of the document.

The draft remains open for public consultation under the established procedure, which is expected to improve the quality of regulation and ensure more sustainable development of the country’s payment services market.