Regulatory Alerts2023-02-08 | 3420Added · Updated
Explanation regarding the Instruction "On the procedure for opening, maintaining and closing bank accounts"
Norms from previous regulations regarding bank account opening and maintenance in the Republic of Uzbekistan are consolidated into a single Instruction registered on February 8, 2023, under number 3420. Legal entities with founders who are residents of the Republic of Uzbekistan and individual entrepreneurs are permitted to open bank accounts remotely starting May 1, 2023, and banks are allowed to store opening documents electronically instead of on paper. The Instruction authorizes persons with disabilities to use facsimile signatures, enables individuals to open accounts based on a personal identification number, and allows legal entities under treasury execution to open specific account types without a main account. Additionally, requirements are established for banks to obtain supporting documents according to KYC and AML systems when servicing non-resident individuals and legal entities.