Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan renewed the license of BRIO GROUP (OSON) for the right to operate as a payment organization.

“By the Resolution of the Board of the Central Bank of the Republic of Uzbekistan from 10 November 2023, the license to carry out the activities of a payment organization of the limited liability company BRIO GROUP is renewed,” the regulator said in a statement.

It should be noted that on 17 October 2023, the Central Bank of Uzbekistan decided to revoke BRIO GROUP’s license to operate as a payment organization. The company was excluded from the register of payment organizations.

In September 2023, the Central Bank stated that the payment organization BRIO GROUP did not reflect the required information about the recipient and (or) sender, and also did not take reasonable and possible measures to identify international money transfers of this type, in accordance with the requirements of paragraph 31¹ of the Internal Control Rules.

In accordance with the Law “On Currency Regulation”, the opening of accounts abroad by resident legal entities and the disposal of foreign currency funds in these accounts can be carried out within the framework of decisions of the President of the Republic of Uzbekistan or the Government.

However, in practice, the payment organization BRIO GROUP (OSON) opened an account in a foreign bank and carried out transactions through this bank account contrary to the requirements of the above Law, the regulator noted.

In accordance with Article 4 of the Law of the Republic of Uzbekistan “On Payments and Payment Systems”, a payment organization is a legal entity engaged in providing payment services that is not a bank. Also, payment organizations have the right to provide payment services on the territory of the republic on the basis of a license from the Central Bank.