Regulatory Alerts2021-06-29 | 33; 343-B-7Added · Updated
Amendments and Additions to the Internal Control Rules for Combating Money Laundering, Terrorist Financing, and Proliferation Financing in Commercial Banks
The Joint Resolution of the Central Bank of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office amends the Internal Control Rules for Commercial Banks by adding a new clause requiring banks acting as transit financial institutions to retain all sender and receiver data for at least five years when technical restrictions prevent storing required information. The resolution also mandates that receiving banks implement risk-based policies to determine when to execute, reject, or halt electronic fund transfers lacking required sender or receiver data, and to define subsequent actions such as risk reassessment. Furthermore, it prohibits sending banks from providing services, including via international payment systems, for transfers that do not meet specified requirements, and requires that relevant information and documents be stored in paper and/or electronic formats to ensure timely submission to authorized state bodies and the Central Bank. Additionally, the definition of a natural person's personal identification number is clarified in Appendix 1.