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.
Resolution of the Board of the Central Bank of the Republic of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office of the Republic of Uzbekistan, registered on 08.07.2021, registration number 2886-7
Date of Entry into Force
08.07.2021
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[ OKOB: 1. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.30.00.00 Combating Money Laundering and Terrorist Financing / 07.30.01.00 Measures to Combat Money Laundering and Terrorist Financing; 2. 07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.30.00.00 Combating Money Laundering and Terrorist Financing / 07.30.03.00 Information Related to Combating Money Laundering and Terrorist Financing] [ TSZ: 1. Finance / Banks and Other Credit Institutions. Credits; 2. Defense and National Security / Combating Terrorism and Religious Extremism]
Resolution
Of the Board of the Central Bank of the Republic of Uzbekistan And the Department for Combating Economic Crimes under the Prosecutor General's Office of the Republic of Uzbekistan
On Amendments and Additions to the Internal Control Rules for Combating Money Laundering, Terrorist Financing, and Proliferation Financing in Commercial Banks
[Registered by the Ministry of Justice of the Republic of Uzbekistan on July 8, 2021, registration number 2886-7]
In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Combating Money Laundering, Terrorist Financing, and Proliferation Financing," the Board of the Central Bank of the Republic of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office of the Republic of Uzbekistan resolve:
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Amendments and additions to the Internal Control Rules for Combating Money Laundering, Terrorist Financing, and Proliferation Financing in Commercial Banks, approved by Resolution No. 343-V and No. 14 of the Department for Combating Tax, Currency Crimes and Money Laundering of the Board of the Central Bank of the Republic of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office of the Republic of Uzbekistan dated April 17, 2017 (registration number 2886, May 23, 2017) (Collection of Legislation of the Republic of Uzbekistan. 2017, No. 21, Article 401), shall be made in accordance with the Appendix.
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This Resolution enters into force from the date of its official publication.
Chairman of the Central Bank M. NURMURATOV
Tashkent city,
June 29, 2021,
No. 343-V-7
Head of the Department under the Prosecutor General's Office D. RAKHIMOV
Tashkent city,
June 29, 2021,
No. 33
APPENDIX To the Resolution of the Board of the Central Bank of the Republic of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office of the Republic of Uzbekistan dated June 29, 2021, No. 343-V-7, No. 33
Amendments and Additions Being Made to the Internal Control Rules for Combating Money Laundering, Terrorist Financing, and Proliferation Financing in Commercial Banks
- The following clause 33-1 shall be added:
"33-1. Commercial banks operating as transit financial institutions must retain records of all information obtained from the sender's financial institution or another transit financial institution for a period of not less than five years in cases where technical restrictions prevent the storage of required information regarding the sender and receiver of an international electronic transfer linked to an internal electronic money transfer."
- In clause 38:
It shall be supplemented with the following ninth through eleventh bullet points:
"Receiving commercial banks must have a risk-based policy and procedures to determine:
when to execute, reject, or halt an electronic fund transfer for which the required information regarding the receiver or sender is unavailable;
subsequent actions (such as reassessing the risk level, considering the issue of notifying the relevant authorized state body, etc.).";
the ninth bullet point shall be considered the twelfth bullet point;
the twelfth bullet point shall be stated in the following edition:
"Sending commercial banks are prohibited from providing services for money transfers, including through international money transfer systems, if the money transfer does not meet the requirements specified in this clause.".
- Clause 89 shall be supplemented with the following bullet point:
"This information and documents must be stored in paper form and/or on electronic carriers in a manner that ensures their timely submission to authorized state bodies and the Central Bank.".
- Clause 6 of Appendix 1 shall be stated in the following edition:
"6. Personal identification number of a natural person.". (, 08.07.2021, No. 10/21/2886-7/0662)