Regulatory Alerts2017-08-30 | 343-BAdded · Updated
Approval of Internal Control Rules for Combating Money Laundering, Terrorist Financing, and Financing of Proliferation of Weapons of Mass Destruction in Commercial Banks
The Central Bank of Uzbekistan and the Department for Combating Economic Crimes under the Prosecutor General's Office approve internal control rules for commercial banks to organize and implement measures against money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction. The rules define key terms, establish the structure and responsibilities of internal control services and responsible employees, and set procedures for customer due diligence, identification of beneficial owners, and handling suspicious or prohibited transactions. The regulation entered into force three months after its official publication on April 17, 2017, and supersedes the previous 2013 decision.