Central Bank of Uzbekistan Tightens Suspicious Transaction Rules

Tashkent, Uzbekistan (UzDaily.com) — The Board of the Central Bank of Uzbekistan has approved an updated list of criteria and indicators used to classify financial transactions as suspicious, according to an official statement.

Under the new rules, enhanced monitoring will apply to money transfers and incoming payments from countries and territories subject to enhanced monitoring by the Financial Action Task Force (FATF).

Transactions will be classified as suspicious if their total amount is at least 1,000 base calculation values — equivalent to 412 million soums — whether conducted in a single transaction or through multiple transfers within a 30-day period.

The changes also affect import contracts for services. Transactions will now be considered suspicious in cases of full or partial changes to the subject of a contract or repayment of debt through services, if the contract value exceeds 5,000 base calculation values, or 2.06 billion soums. Previously, the threshold was 20,000 base calculation values, or 8.2 billion soums.

The document also clarifies procedures for evaluating transactions involving escrow accounts. Real estate and vehicle purchase and sale transactions conducted through escrow accounts will not be classified as suspicious if transfers are made from bank cards via mobile applications in amounts starting from 500 base calculation values, either in a single transaction or within 30 days.

States under enhanced monitoring are defined as jurisdictions identified in official FATF statements as having strategic deficiencies in anti-money laundering, counter-terrorism financing, and proliferation financing systems, while committing to address identified shortcomings within agreed timeframes.

The Central Bank said the update is aimed at strengthening financial oversight and improving mechanisms to prevent illicit financial activity.