Justice Ministry Implements Stricter Rules for Digital Money Transfers
The Ministry of Justice Tightens Oversight of Money Transfers through Payment Services
The Ministry of Justice has recently registered amendments aimed at tightening oversight of money transfers made through payment services in an effort to combat the legalization of income derived from criminal activities.
Under the new provisions, payment service providers are now required to implement customer verification measures when citizens register new accounts in mobile applications. Additionally, merchants and service providers will also be subject to verification when issued electronic payment terminals (E-POS).
For electronic money transfers equal to or exceeding 30 BCU (11.25 million UZS), the payment system must include detailed recipient information such as name, account number, or transaction identifier. The sender’s information must also be provided, including full name, passport or ID card series and number, date and place of birth for individuals, and company name and taxpayer identification number (TIN) for legal entities.
If the bank is able to obtain full sender details from other sources, the payment service may provide the individual’s personal identification number (PINFL) along with the account number or transaction ID instead. For transfers below the 30 BCU threshold, it is sufficient to provide only the names of the sender and recipient.
These changes to internal control regulations are part of ongoing efforts to strengthen anti-money laundering measures and combat illicit financial activities in the country. The Ministry of Justice is working to ensure that payment service providers adhere to these new requirements to promote transparency and accountability in money transfers.
