Explanation regarding the Instruction "On the procedure for opening, maintaining and closing bank accounts"

The Central Bank Board's Instruction "On the procedure for opening, maintaining and closing bank accounts" was registered with the state by the Ministry of Justice on February 8, 2023 under number 3420.

This document was developed to consolidate norms from documents regulating the opening and maintenance of bank accounts, including the Instruction "On Bank Accounts Opened in Banks of the Republic of Uzbekistan" (registration number 1948, April 27, 2009) and the Regulation "On the National Information Base of Bank Depositors of the Republic of Uzbekistan and the Procedure for Assigning a Customer-Specific Number and Maintaining a List of Bank Accounts Therein" (registration number 1863, September 27, 2008) into a single document, as well as taking into account the digitization of business processes in accordance with international experience in opening bank accounts.

With this Instruction:

• permission is granted for legal entities whose founders are residents of the Republic of Uzbekistan, as well as individual entrepreneurs, to open bank accounts remotely starting from May 1, 2023, not only during the state registration process, but also during their operation;

• the form and quantity of the signature specimen card to be submitted shall be established by the bank in accordance with its internal documents;

• the right is granted not to store on paper the documents submitted for opening an account if there is an opportunity for electronic storage;

• permission is granted for persons with disabilities to use a facsimile signature;

• the opportunity is provided for a business entity to obtain a list of its accounts in all banks from the National Information Base of Bank Depositors through the bank where the main account is opened;

• the possibility is provided for legal entities covered by treasury execution to open other accounts (transit, terminal, for cash, corporate card) without opening a main account;

• accounts shall be opened for all individuals based on a single identifier – the personal identification number of an individual (PINFL);

• norms are established regarding the possibility for banks to obtain supporting documents in accordance with the "Know Your Customer" (KYC, e-KYC) and "Combating the Legalization of Income" (AML) systems when opening bank accounts for non-resident individuals and legal entities and crediting funds to them.