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2019-11-07 | ЎРҚ-578

Added 2026-08-13

Law of the Republic of Uzbekistan on Payments and Payment Systems

This Law regulates relations arising during the provision and use of payment services between physical and legal persons. It explicitly excludes operations involving crypto-assets from its scope and establishes that special legal regimes in territories defined by Constitutional Law are governed by separate rules. The legislation consists of this Law and other normative legal acts, with international treaties taking precedence where they provide different rules.

Uzbekistan

Central Bank of the Republic of Uzbekistan

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25.07.2026

22.12.2024

07.02.2024

21.04.2022

12.10.2021

21.04.2021

03.02.2020

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Russian Uzbek O’zb Uzb|Russian

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] [ TSK: 1. Finance / Monetary System. Settlements] Send suggestions for the document Listen to audio Get reference from document element Law of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element On Payments and Payment Systems Send suggestions for the document Listen to audio Get reference from document element Adopted by the Legislative Chamber on September 19, 2019 Approved by the Senate on October 11, 2019 Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Chapter 1. General Provisions Send suggestions for the document Listen to audio Get reference from document element Article 1. Purpose of this Law [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element The purpose of this Law is to regulate relations in the field of payments and payment systems. Send suggestions for the document Listen to audio Get reference from document element Article 2. Scope of Application of this Law [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element This Law applies to relations arising between physical and legal persons providing payment services and using payment services when making payments and providing payment services. Previous revision. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Relations arising between physical and legal persons providing payment services and using payment services when making payments and providing payment services in a territory where a special legal regime is established by the Constitutional Law of the Republic of Uzbekistan are regulated by rules other than those established by this Law. (Article 2 was supplemented with a second part based on the Law of the Republic of Uzbekistan No. URQ-1158 dated July 13, 2026 — National Database of Legislative Information, July 14, 2026, No. 03/26/1158/0727. Entry into force date — July 25, 2026) Send suggestions for the document Listen to audio Get reference from document element The application of this Law does not extend to operations involving crypto-assets. Previous revision. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Article 3. Legislation on Payments and Payment Systems [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element Legislation on payments and payment systems consists of this Law and other normative legal acts. [ OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.06.00.00 Valuation Activity / 09.06.03.00 Qualification Certificate of an Appraiser] Send suggestions for the document Listen to audio Get reference from document element If an international treaty of the Republic of Uzbekistan establishes rules other than those provided for in the legislation of the Republic of Uzbekistan on payments and payment systems, the rules of the international treaty shall apply. ( Article 3

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (as amended - National Database of Legislation, 21.04.2021, No. 03/21/683/0375)

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Article 4. Key Concepts

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The following key concepts are used in this Law:

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beneficiary — a person receiving funds;

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conversion date — the date indicated in the payment document by the initiator, on which funds must be transferred to the beneficiary's bank account;

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identification means — the electronic digital signature of the order sender or a unique identifier consisting of a combination of letters, numbers, or symbols, or another identifier established and agreed upon by the payment service provider for identifying users of payment services (personal password, one-time identification code, biometric identification means);

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clearing — the process of collecting, comparing, and offsetting monetary claims and obligations of participants of a payment system;

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distance service system — a set of telecommunications tools, digital and information technologies, software, and equipment that ensures communication between a user of payment services and the provider of these services for the use of electronic services;

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operation day — the period of time during which orders are accepted and processed;

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initiator — a person who issues an order to make a payment;

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payment — fulfillment of a monetary obligation with cash or transfer of funds using payment instruments;

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payment agent — a legal entity that is not a bank and has concluded an agency agreement with a bank or payment institution to provide payment services;

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payment instrument — a payment document or electronic payment instrument that serves as the basis for or is used to make a payment;

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payment sub-agent — a legal entity or individual entrepreneur that is not a bank and has concluded a sub-agency agreement with a payment agent to provide payment services;

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payment institution — a legal entity that is not a bank and is authorized to carry out activities related to the provision of payment services;

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payer — the person on whose account the payment is being made;

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payment service — the service provided by the provider of payment services to the user of payment services;

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market of payment services — a set of relations related to the provision and use of payment services, as well as the issuance and use of payment instruments;

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user of payment services — a physical and legal person who uses the payment services of the provider of payment services;

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order — the instruction of the payment initiator to the provider of payment services to make a payment, which is expressed in the form of payment documents or in the form of consent of the user of payment services when using an electronic payment instrument or a distance service system;

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electronic money — unconditional and non-withdrawable monetary obligations of the issuer of electronic money, stored in electronic form and accepted as a payment instrument in the electronic money system.

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Chapter 2. Payment Systems

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Article 5. Payment System and Participants of a Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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A payment system is a set of relations that ensures the implementation of payments through cooperation between the operator of the payment system, participants of the payment system, and (or) payment institutions by applying the procedures, infrastructure, and rules of the payment system established by the operator of the payment system.

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Banks that carry out settlements with the operator of the payment system and have concluded a contract on participation in the payment system are considered participants of the payment system.

LexUZ Commentary See: Regulation on the Procedure for Supervision and Monitoring of the Activities of Payment System Operators and Payment Institutions, approved by Resolution No. 8/4 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registry number 3434, 15.05.2023).

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Article 6. Types of Payment Systems and Criteria for Determining Their Importance

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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Payment systems are divided into important payment systems and other payment systems.

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If the uninterrupted operation of a payment system contributes to the stable functioning of the market of payment services of the Republic of Uzbekistan, and interruptions (breaks) in its work may lead to the emergence of risks in the market of payment services of the Republic of Uzbekistan, the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text) includes this payment system in the category of important payment systems.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]

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If a payment system holds a share of the market of payment services established by the Central Bank for this market that is greater than the amount specified by the Central Bank, and (or) payments through the payment system are carried out over the course of a year in an amount not less than the indicators established by the Central Bank in the territory of the Republic of Uzbekistan, this system is included in the category of important payment systems.

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Payment systems that do not correspond to the descriptions of payment systems set forth in the second and third parts of this Article are considered other payment systems.

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Article 7. Operator of a Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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A legal entity carrying out activities to ensure the functioning of a payment system within the territory of the Republic of Uzbekistan is the operator of the payment system.

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A legal entity that is not the operator of a payment system does not have the right to use the words "payment system" in its name and (or) trademark, as well as words derived from these words that make it possible to assume that this legal entity is carrying out activities to ensure the functioning of a payment system.

LexUZ Commentary See: Regulation on the Licensing Procedure for the Activities of Payment System Operators and Payment Institutions, approved by Resolution No. 8/3 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registry number 3431, 05.05.2023).

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The operator of a payment system:

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establishes the rules of the payment system and exercises control over their compliance by the participants of the payment system;

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processes payment and information messages of the participants of the payment system (to its participants) and the issuance of these messages, carries out the individual execution of orders or clearing;

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concludes a contract on participation in the payment system with a participant of the payment system;

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ensures the functioning of the infrastructure of the payment system;

See previous edition.

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ensures compliance with information security and cybersecurity requirements, as well as measures for the uninterrupted functioning of the payment system; (The sixth paragraph of the third part of Article 7 enters into force from December 22, 2024, in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 - National Database of Legislation, 21.09.2024, No. 03/24/964/0736)

LexUZ Commentary See: Resolution No. 13/1 of the Board of the Central Bank of the Republic of Uzbekistan dated April 24, 2024 "On Approval of the Regulation on Ensuring Information Security and Cybersecurity in Payment Systems and Payment Service Providers and Taking Measures to Prevent Law Violations Committed Using Digital Technologies" (registry number 3513, 21.05.2024).

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ensures that participants of the payment system use the services provided to them on an equal and open basis.

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When providing information about the payment system, the operator of the payment system must indicate the number of its license for carrying out activities related to the operation of the payment system.

LexUZ Commentary See: Chapter 11 of the Regulation on the Licensing Procedure for the Activities of Payment System Operators and Payment Institutions, approved by Resolution No. 8/3 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registry number 3431, 05.05.2023).

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Article 8. Rules of a Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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The rules of a payment system must include:

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the procedures for the functioning of the payment system, including the procedure for making payments in the payment system, the procedure for applying formats of payment messages, the schedule of work of the payment system, and the risk management system in the payment system;

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descriptions of the services provided by the operator of the payment system and operations carried out in the payment system;

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conditions for participation in the payment system;

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the procedure for cooperation between participants of the payment system and the operator of the payment system;

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the procedure for recalling an order for payment;

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the procedure for resolving the insolvency of participants of the payment system;

See previous edition.

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the procedure for compliance with information security and cybersecurity requirements; (The eighth paragraph of the first part of Article 8 enters into force from December 22, 2024, in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 - National Database of Legislation, 21.09.2024, No. 03/24/964/0736)

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measures applied to a participant of the payment system for violation of the rules of the payment system.

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It is prohibited to include conditions in the rules of a payment system that restrict the participation of participants of this payment system in other payment systems, as well as the provision of services to other payment systems by persons serving the infrastructure of this payment system (except for persons who are employees of the operator of this payment system).

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The rules of a payment system, amendments and additions to these rules, the tariffs of the operator of the payment system (cost of services), and information about all changes to these tariffs (cost of services) must be published on the official website of the operator of the payment system within three working days after their approval by the operator of the payment system.

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The rules of a payment system, amendments and additions to these rules, the tariffs of the operator of the payment system (cost of services), and information about all changes to these tariffs (cost of services) are applied by the operator of the payment system and its participants fifteen days after being published on the official website of the operator of the payment system.

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Operators of payment systems may conclude contracts on the cooperation of their payment systems, provided that the procedure for such cooperation is reflected in the rules of the payment systems.

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The operator of a payment system must submit to the Central Bank:

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information about amendments and additions made to the rules of the payment system no later than fifteen working days before the date on which these amendments and additions enter into force;

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information about changes to the tariffs of the operator of the payment system (cost of services) no later than fifteen working days before the date on which these changes enter into force.

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Article 9. Risk Management System in a Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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The risk management system in a payment system establishes procedures for identifying, monitoring, and managing risks, as well as ensuring the uninterrupted functioning of the payment system, and includes a recovery plan for the activities of the operator of the payment system.

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Methods of risk management in a payment system are established by the operator of the payment system, taking into account the features of organizing the payment system, the model of risk management, procedures related to payment clearing and settlement, the number and amounts of fund transfers, and the time of final settlement.

[OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.01.00 General Issues]

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The risk management system in a payment system may provide for the following methods of risk management:

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setting maximum amounts (limits) of obligations of participants of the payment system, taking into account the level of risk;

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organizing a guaranteed fund of the payment system in a separate deposit account at a bank;

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managing the sequential execution of orders of participants of the payment system;

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carrying out settlements within the payment system during the working day;

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providing the opportunity to grant credit.

LexUZ Commentary See: Regulation on Requirements for the Risk Management System of Banks and Banking Groups, approved by Resolution No. 4/11 of the Board of the Central Bank of the Republic of Uzbekistan dated March 7, 2023 (registry number 3427, 18.04.2023).

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Article 10. Operator of an Important Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

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In addition to the conditions specified in Article 7 of this Law, the operator of an important payment system:

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analyzes the needs of participants of the payment system and users of payment services in terms of the quality of services provided to satisfy them;

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ensures the functioning of a two-way communication mechanism with participants of the payment system and users of payment services;

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analyzes the effectiveness of the activities of the payment system from the point of view of the satisfaction of participants of the payment system and users of payment services, and publishes the results of this analysis on its official website once a year, no later than the first quarter after the reporting period, taking into account the results of considering appeals and requests received through the two-way communication mechanism;

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conducts a self-assessment of the functioning of the important payment system;

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organizes a risk management body for the payment system and uses at least two methods of risk management;

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in its internal documents:

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establishes the working regulations of the risk management body of the payment system, including its powers;

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establishes criteria for ensuring the effectiveness of the functioning of the payment system, which evaluates whether the needs of participants of the payment system for the quality of services provided are satisfied;

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establishes the procedure for resolving disputes between participants of the payment system out of court.

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Documents specified in this Article must be published on the official website of the operator of the important payment system within three working days after their approval.

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Article 11. Self-Assessment of the Functioning of an Important Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.06 Plastic Cards and Electronic Payment Systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)]

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A set of measures carried out by the operator of an important payment system to determine the compliance of the functioning of this payment system with the requirements of this Law and international standards is considered a self-assessment of the functioning of an important payment system.

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The operator of an important payment system must conduct a self-assessment of the functioning of the payment system from the point of view of its compliance with international standards at least once every three years.

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The operator of an important payment system submits the results of the self-assessment of the functioning of the important payment system to the Central Bank and publishes them on its official website within three working days after the completion of the self-assessment.

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Article 12. Finality of Payments in a Payment System

[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivable and payable debts]

03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element A payment is considered completed in the payment system after the funds are credited to the account of the participant for whose benefit the payment was made. Send suggestions for the document Listen to audio Get reference from document element Payments directed to the payment system by this participant are not subject to recall and are irrevocable until the participant receives decisions from authorized state bodies to suspend expense operations on the bank account and (or) to freeze funds in the customer's bank account. These payments must be executed and completed. Send suggestions for the document Listen to audio Get reference from document element Chapter 3. Payment Services Market Send suggestions for the document Listen to audio Get reference from document element Article 13. Payment Service Providers [ OKOB: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables] Send suggestions for the document Listen to audio Get reference from document element Payment service providers consist of: [ OKOB: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get reference from document element Central Bank; Send suggestions for the document Listen to audio Get reference from document element banks; Send suggestions for the document Listen to audio Get reference from document element payment organizations; Send suggestions for the document Listen to audio Get reference from document element payment agents; Send suggestions for the document Listen to audio Get reference from document element payment sub-agents. Send suggestions for the document Listen to audio Get reference from document element Banks are not considered as payment organizations, payment agents, and payment sub-agents under this Law. Send suggestions for the document Listen to audio Get reference from document element Article 14. Types of Payment Services [ OKOB: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.06 Settlements via plastic cards and electronic payment systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element The provision of services for the following is included in the list of payment services: Send suggestions for the document Listen to audio Get reference from document element acceptance and execution of payments using a bank account; Send suggestions for the document Listen to audio Get reference from document element acceptance for transfer of cash funds to bank accounts, including third-party accounts; Send suggestions for the document Listen to audio Get reference from document element acceptance of cash funds for making a payment by the payer without opening a bank account; Send suggestions for the document Listen to audio Get reference from document element issuance and replenishment of electronic money; Send suggestions for the document Listen to audio Get reference from document element issuance of bank cards; Send suggestions for the document Listen to audio Get reference from document element sale of electronic money and bank cards; Send suggestions for the document Listen to audio Get reference from document element acceptance and processing of payments made using electronic money; Send suggestions for the document Listen to audio Get reference from document element processing of electronic payments and providing information to the bank necessary for making a payment or accepting funds for such payments; Send suggestions for the document Listen to audio Get reference from document element acceptance and execution of funds through the money transfer system. Send suggestions for the document Listen to audio Get reference from document element The provision of services for the following is NOT included in the list of payment services: Send suggestions for the document Listen to audio Get reference from document element handing over cash funds by a person making a payment to a person who has obligations to that person for payment services performed without the participation of the payment service provider; Send suggestions for the document Listen to audio Get reference from document element collection of banknotes, coins, and valuables; Send suggestions for the document Listen to audio Get reference from document element performing foreign currency exchange operations with cash without opening a bank account; Send suggestions for the document Listen to audio Get reference from document element ensuring information-communication and technological cooperation between a legal entity beneficiary, a sole entrepreneur, and a payment service provider when transferring funds to the benefit of the beneficiary for payments accepted with the participation of third parties. Send suggestions for the document Listen to audio Get reference from document element Article 15. Provision of Payment Services [ OKOB: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.08 Cash Settlements] Send suggestions for the document Listen to audio Get reference from document element Payment services: Send suggestions for the document Listen to audio Get reference from document element Central Bank; Send suggestions for the document Listen to audio Get reference from document element banks; Send suggestions for the document Listen to audio Get reference from document element payment organization, with the exception of services for accepting cash funds for transfer to bank accounts, and issuing electronic money and bank cards; Send suggestions for the document Listen to audio Get reference from document element are provided by a payment agent and a payment sub-agent within the permitted range of types of payment services for banks and payment organizations. Previous version. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element The user of payment services has the right to use the remote service delivery system of the payment service provider that serves their bank account or to use the services of another payment service provider, provided that the payment service provider has the technical capabilities for such use, in compliance with requirements regarding information security and cybersecurity, as well as equal access to payment services by all providers. (Part 2 of Article 15 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 — National Database of Legislation Information, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024) Send suggestions for the document Listen to audio Get reference from document element The provision of payment services within the territory of the Republic of Uzbekistan without the corresponding license of the Central Bank is prohibited. This requirement does not apply to the activities of payment agents and payment sub-agents. Send suggestions for the document Listen to audio Get reference from document element A payment organization has the right to engage in activities for providing payment services as a payment agent or payment sub-agent based on an agency contract for providing payment services. Send suggestions for the document Listen to audio Get reference from document element A payment organization must indicate its license number when providing information about its activities. LexUZ commentary See: Regulation on Licensing the Activities of Payment System Operators and Payment Organizations, approved by Resolution No. 8/3 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registry number 3431, 05.05.2023). Send suggestions for the document Listen to audio Get reference from document element Article 16. Contract for Provision of Payment Services [ OKOB: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element Payment services are provided based on a contract concluded between the user of payment services and the payment service provider, including a contract in the form of a public offer. The contract for the provision of payment services must include: Send suggestions for the document Listen to audio Get reference from document element the types and general characteristics of the payment services provided; Send suggestions for the document Listen to audio Get reference from document element the procedure and terms for providing payment services; Send suggestions for the document Listen to audio Get reference from document element the amounts of fees and commissions charged; Send suggestions for the document Listen to audio Get reference from document element the procedure for providing information about payment services; Send suggestions for the document Listen to audio Get reference from document element the procedure for actions to protect against unauthorized payments; Send suggestions for the document Listen to audio Get reference from document element the conditions under which the payment service provider has the right to refuse to provide payment services; Send suggestions for the document Listen to audio Get reference from document element the procedure for resolving issues regarding unauthorized payments; Send suggestions for the document Listen to audio Get reference from document element the user's right to terminate the contract; Send suggestions for the document Listen to audio Get reference from document element the procedure for lodging complaints and resolving disputes; Send suggestions for the document Listen to audio Get reference from document element the procedure for compensating damages and the amount of compensation payments for unjustified refusal or failure to perform the user's orders to the required extent. Send suggestions for the document Listen to audio Get reference from document element The contract for the provision of payment services may provide for additional conditions necessary for providing payment services. Send suggestions for the document Listen to audio Get reference from document element The payment service provider has no right to unilaterally change the contract to increase the amounts of commissions for the payment services specified in the contract on the date it was concluded between the provider and the user. An exception is commissions charged when making international payments, the change of which the payment service provider notifies the user in the manner and within the terms specified in the contract. Send suggestions for the document Listen to audio Get reference from document element Article 17. Requirements for Payment Service Providers [ OKOB: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Particular Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element The payment service provider provides payment services only in accordance with the terms specified in the order of the user of payment services. Send suggestions for the document Listen to audio Get reference from document element It is prohibited for the payment service provider to change the terms and requisites of the user's order. Send suggestions for the document Listen to audio Get reference from document element The payment service provider has no right to initiate a payment without the order of the user of payment services. Send suggestions for the document Listen to audio Get reference from document element The payment service provider provides information to the user of payment services about the amount of the commission before the payment services are rendered. Send suggestions for the document Listen to audio Get reference from document element It is prohibited to charge a commission for providing payment services from the payment amount, with the exception of cases where the contract between the beneficiary and the beneficiary's payment service provider provides for deducting the commission from the payment amount. Upon the beneficiary's request, the beneficiary's payment service provider informs them about the accepted payment amount and the deductions made from it. Send suggestions for the document Listen to audio Get reference from document element The payment service provider ensures compliance with the following conditions in providing payment services: Previous version. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element proper verification and identification of the user of payment services in accordance with legislation on combating the legalization of proceeds from crime, financing of terrorism, and financing of the proliferation of weapons of mass destruction; Send suggestions for the document Listen to audio Get reference from document element the presence of requisites for the payer and beneficiary specified in the legislation on combating the legalization of proceeds from crime, financing of terrorism, and financing of the proliferation of weapons of mass destruction in the payment document, with the exception of services provided by a payment organization for accepting cash funds for making payments without opening a bank account; (Part 5 of Article

paragraphs

2 and

Law of the Republic of Uzbekistan No. OQ-683 dated April 21, 2021 (as amended by the National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get reference from document element ensure that information enabling the identification of the payer and (or) beneficiary is stored for at least five years after the provision of payment services; Send suggestions for the document Listen to audio Get reference from document element take necessary legal, organizational and technical measures to protect the identification tools of users of payment services; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element eliminate violations affecting the uninterrupted operation of the payment system within three months from the date of sending the first instruction of the Central Bank; eliminate violations affecting information security and cybersecurity within three months from the date of sending the first instruction of the Central Bank. (Sixth and seventh paragraphs of Part Six of Article 17 were supplemented on the basis of Law of the Republic of Uzbekistan No. OQ-964 dated September 20, 2024 — Legislative Acts Information Database, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024) Send suggestions for the document Listen to audio Get reference from document element The provider of payment services provides the user of payment services with a document confirming the fact of provision of payment services in paper or electronic form after the payment service has been provided. Requirements regarding the content of the document confirming the provision of payment services are established by the Central Bank. See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Payment system operators and providers of payment services ensure the confidentiality of the information they receive when providing payment services and do not allow their disclosure to third parties, except for cases provided for in the Law of the Republic of Uzbekistan "On Bank Secrecy". (Part Eight of Article 17 was amended in the edition of Law of the Republic of Uzbekistan No. OQ-721 dated October 12, 2021 — Legislative Acts Information Database, 12.10.2021, No. 03/21/721/0952) Send suggestions for the document Listen to audio Get reference from document element Article 18. Restrictions on the activity of a payment organization [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivable and Payable Debt; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element Payment organizations are not entitled to engage in types of activities not related to the provision of payment services. Send suggestions for the document Listen to audio Get reference from document element The restrictions provided for in the first part of this Article do not apply to the following types of activities: Send suggestions for the document Listen to audio Get reference from document element advertising, marketing, consulting and information services; Send suggestions for the document Listen to audio Get reference from document element development, adaptation, modification and technical support of software; Send suggestions for the document Listen to audio Get reference from document element services related to the use of information and communication technologies, including information and technical services, services for processing and transmitting data, creation and use of databases and information resources; Send suggestions for the document Listen to audio Get reference from document element creation of information systems and networks and ensuring their security; LexUZ Commentary See: Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 13/1 dated April 24, 2024 "On Approval of the Regulation on Ensuring Information Security and Cybersecurity in Payment Systems by Operators of Payment Systems and Providers of Payment Services and Taking Measures to Prevent Violations Committed Using Digital Technologies" (registry number 3513, 21.05.2024). Send suggestions for the document Listen to audio Get reference from document element development and implementation of means of cryptographic protection of information; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element postal communication services; (Seventh paragraph of Part Two of Article 18 was supplemented on the basis of Law of the Republic of Uzbekistan No. OQ-721 dated October 12, 2021 — Legislative Acts Information Database, 12.10.2021, No. 03/21/721/0952) See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element activity of microfinance organizations. (Eighth paragraph of Part Two of Article 18 was amended in the edition of Law of the Republic of Uzbekistan No. OQ-765 dated April 20, 2022 — Legislative Acts Information Database, 21.04.2022, No. 03/22/765/0332) Send suggestions for the document Listen to audio Get reference from document element If the types of activities provided for in the second part of this Article fall into the list of types of activities requiring a license for their implementation, the payment organization must obtain the corresponding license granting the right to carry out these activities in the prescribed manner. Send suggestions for the document Listen to audio Get reference from document element Article 19. Provision of payment services through payment agents and payment sub-agents [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivable and Payable Debt; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element Banks and payment organizations are entitled to provide payment services to users of payment services through a payment agent and a payment sub-agent. Send suggestions for the document Listen to audio Get reference from document element A payment service is provided to the user of payment services by a payment agent or a payment sub-agent subject to compliance with the following requirements: Send suggestions for the document Listen to audio Get reference from document element provision of the payment service in the name of the bank or payment organization; Send suggestions for the document Listen to audio Get reference from document element submission to the user of payment services of a document containing the facts confirming the provision of the payment service and the necessary details; Send suggestions for the document Listen to audio Get reference from document element collection of remuneration by the payment agent in accordance with the terms of the contract concluded with the bank or payment organization, and by the payment sub-agent in accordance with the contract concluded with the payment agent. Send suggestions for the document Listen to audio Get reference from document element Before the provision of payment services, the payment agent or payment sub-agent provides the user of payment services with the following information: Send suggestions for the document Listen to audio Get reference from document element the name of the payment services and the address of the place where these services are provided; Send suggestions for the document Listen to audio Get reference from document element the name, identification number of the taxpayer, location (postal address) and telephone number of the bank, payment organization and payment agent; if the payment service is provided by a payment sub-agent, then the name or surname, patronymic, identification number of the taxpayer, location (postal address) and telephone number of the payment sub-agent; Send suggestions for the document Listen to audio Get reference from document element the license number of the bank or payment organization; Send suggestions for the document Listen to audio Get reference from document element the amount of remuneration charged when payment services are provided. Send suggestions for the document Listen to audio Get reference from document element Banks and payment organizations maintain registers of payment agents and payment sub-agents. A payment agent submits information about such sub-agents to the bank or payment organization for inclusion in this register. Send suggestions for the document Listen to audio Get reference from document element Banks and payment organizations exercise control over compliance by the payment agent with the terms of the agency agreement regarding the provision of payment services. Send suggestions for the document Listen to audio Get reference from document element The payment agent exercises control over compliance by the payment sub-agent with the terms of the sub-agency agreement regarding the provision of payment services. Send suggestions for the document Listen to audio Get reference from document element The bank and payment organization concluding agency agreements with the payment agent for the provision of payment services submit to the Central Bank information about these services, as well as information about its payment agents and payment sub-agents. Send suggestions for the document Listen to audio Get reference from document element The bank and payment organization are jointly liable to users of payment services for the obligations of the payment agent and payment sub-agent who concluded agency agreements for the provision of payment services regarding the performance of payment services. Send suggestions for the document Listen to audio Get reference from document element Chapter 4. Regulation of Payment Systems and the Market for Payment Services Send suggestions for the document Listen to audio Get reference from document element Article 20. Main directions of state policy in the field of payments and payment systems [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivable and Payable Debt; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get reference from document element The main directions of state policy in the field of payments and payment systems include: Send suggestions for the document Listen to audio Get reference from document element ensuring the rights, freedoms and legitimate interests of providers of payment services and users of payment services; Send suggestions for the document Listen to audio Get reference from document element creating conditions for the development of the payment services system; Send suggestions for the document Listen to audio Get reference from document element improving the quality of services provided; Send suggestions for the document Listen to audio Get reference from document element supporting the development of the cashless settlement system. LexUZ Commentary See: Regulation on Cashless Settlements in the Republic of Uzbekistan approved by Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 3/12 dated February 15, 2020 (registry number 3229, 13.04.2020). Send suggestions for the document Listen to audio Get reference from document element Article 21. Powers of the Central Bank [OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivable and Payable Debt; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its Structural Divisions and Institutions] Send suggestions for the document Listen to audio Get reference from document element The Central Bank ensures the effective, reliable and safe operation of payment systems by regulating them in accordance with this Law within the territory of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get reference from document element For the purpose of regulating payment systems, the Central Bank: Send suggestions for the document Listen to audio Get reference from document element carries out licensing of the activity of payment system operators and the activity of payment organizations; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element withdraws licenses of payment system operators and payment organizations; Send suggestions for the document Listen to audio Get reference from document element establishes the procedure for supervising and monitoring the activity of payment system operators and payment organizations; (Third and fourth paragraphs of Part Two of Article 21 were supplemented on the basis of Law of the Republic of Uzbekistan No. OQ-721 dated October 12, 2021 — Legislative Acts Information Database, 12.10.2021, No. 03/21/721/0952) LexUZ Commentary See: Regulation on the Procedure for Supervising and Monitoring the Activity of Payment System Operators and Payment Organizations approved by Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 8/4 dated April 18, 2023 (registry number 3434, 15.05.2023). Send suggestions for the document Listen to audio Get reference from document element maintains the Register of Payment System Operators and the Register of Payment Organizations; Send suggestions for the document Listen to audio Get reference from document element coordinates the rules of the payment system and the procedure for cooperation between the payment organization and participants in the payment system; Send suggestions for the document Listen to audio Get reference from document element determines the criteria for the importance of payment systems; Send suggestions for the document Listen to audio Get reference from document element exercises supervision over payment systems; Send suggestions for the document Listen to audio Get reference from document element applies measures and sanctions against payment system operators and payment organizations for violation of the requirements of this Law; Send suggestions for the document Listen to audio Get reference from document element establishes the procedure for the implementation of cashless payments within the territory of the Republic of Uzbekistan; LexUZ Commentary See: Regulation on Cashless Settlements in the Republic of Uzbekistan (13.04.2020, registry number 3229). Send suggestions for the document Listen to audio Get reference from document element establishes the rules for the operation of interbank payment and clearing systems of the Central Bank; Send suggestions for the document Listen to audio Get reference from document element establishes the procedure for opening, maintaining and closing bank accounts; Send suggestions for the document Listen to audio Get reference from document element establishes the procedure for the submission to the Central Bank of information related to payments by operators of payment systems and payment organizations; Send suggestions for the document Listen to audio Get reference from document element establishes the rules for the issuance and circulation of bank cards within the territory of the Republic of Uzbekistan; Send suggestions for the document Listen to audio Get reference from document element establishes the rules for the issuance and circulation of electronic money within the territory of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element establishes the requirements imposed on software tools supporting the operation of interbank payment and clearing systems of the Central Bank, including automated banking systems, as well as on measures to ensure information security and cybersecurity in payment systems; (Sixteenth paragraph of Part Two of Article 21 was amended in the edition of Law of the Republic of Uzbekistan No. OQ-964 dated September 20, 2024 — Legislative Acts Information Database, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024) Send suggestions for the document Listen to audio Get reference from document element determines the minimum amount of the authorized capital of operators of payment systems and payment organizations; Send suggestions for the document Listen to audio Get reference from document element establishes limits for operations related to payments with electronic money and money transfers; Send suggestions for the document Listen to audio Get reference from document element is entitled to submit proposals to the anti-monopoly body if tariffs for payment services are increased without justification; Send suggestions for the document Listen to audio Get reference from document element cooperates with supervisory authorities of other countries and international financial institutions to increase the effectiveness of supervisory activities with respect to international payment systems whose participants carry out their activities within the territory of the Republic of Uzbekistan. [OKOZ: 1. 09.00.00.00 Entrepreneurship and Economic Activity / 09.01.00.00 Legislation on Entrepreneurship / 09.01.06.00 Licensing of Certain Types of Activity. Permits (see also 02.08.06.00) / 09.01.06.02 Procedure for Licensing Certain Types of Activity] Send suggestions for the document Listen to audio Get reference from document element Article 22. Procedure for licensing the activity of payment system operators [OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Field of Economy, Social and Cultural Construction / 02.08.06.00 Administrative Procedures / 02.08.06.02 Licensing of Separate Types of Activity (see also 09.01.05.00); 2. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivable and Payable Debt] Send suggestions for the document Listen to audio Get reference from document element Banks and non-bank legal entities apply to the Central Bank with an application for the issuance of a license for the activity of operating a payment system in the form established by the Central Bank, in order to obtain a license to carry out the activity of operating a payment system as an applicant for a license. Send suggestions for the document Listen to audio Get reference from document element The following are attached to the bank's application for the issuance of a license: Send suggestions for the document Listen to audio Get reference from document element a copy of the decision of the bank's management body on organizing the payment system; Send suggestions for the document Listen to audio Get reference from document element a business plan for the development of the payment system for the next two calendar years, indicating the goals and planned results of organizing the payment system, including an analysis of market and infrastructure factors; See previous edition. (Fourth paragraph of Part Two of Article 22 was issued on the basis of Law of the Republic of Uzbekistan No. OQ-905 dated February 7, 2024 — Legislative Acts Information Database, 07.02.2024, No. 03/24/905/0106) Send suggestions for the document Listen to audio Get reference from document element rules of the payment system. Send suggestions for the document Listen to audio Get reference from document element The following are attached to the application for the issuance of a license by a non-bank legal entity: Send suggestions for the document Listen to audio Get reference from document element a copy of the decision of the competent body of the legal entity on organizing the payment system; Send suggestions for the document Listen to audio Get reference from document element a business plan for the development of the payment system for the next two calendar years, indicating the goals and planned results of organizing the payment system, including an analysis of market and infrastructure factors; Send suggestions for the document Listen to audio Get reference from document element rules of the payment system; Send suggestions for the document Listen to audio Get reference from document element written consent of the bank to be the settlement bank of the payment system, including consent in the form in which a contract is concluded with it; See previous edition. (Sixth paragraph of Part Three of Article 22 was issued on the basis of Law of the Republic of Uzbekistan No. OQ-905 dated February 7, 2024 — Legislative Acts Information Database, 07.02.2024, No. 03/24/905/0106) Send suggestions for the document Listen to audio Get reference from document element accounting balance sheet and report on financial results as of the last reporting date; Send suggestions for the document Listen to audio Get reference from document element information about founders (participants), including the size of their share in the capital; Send suggestions for the document Listen to audio Get reference from document element information containing information about the head and members of the executive body, including their data, place of work and position held, copies of documents confirming these information are attached; Send suggestions for the document Listen to audio Get reference from document element information about the risk management system, including requirements for ensuring the integrity of funds of users of payment services; Send suggestions for the document Listen to audio Get reference from document element information about security systems, control mechanisms and systems; See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element information about the security policy, including a document containing a detailed assessment of risks, as well as a description of measures taken to reduce risks, including fraud and illegal use of confidential and personal information, to ensure information security and cybersecurity and the protection of users of payment services; (Eleventh paragraph of Part Three of Article 22 was amended in the edition of Law of the Republic of Uzbekistan No. OQ-964 dated September 20, 2024 — Legislative Acts Information Database, 21.09.2024, No. 03/24/964/0736 — enters into force from December 22, 2024) See previous edition. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element description of measures to ensure compliance with the legislative requirements on combating the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction. (Thirteenth paragraph of Part Three of Article 22

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (as amended - National Database of Legislation of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

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The form of the application for issuing a license and the list of required documents are posted on the official website of the Central Bank.

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The Central Bank accepts a decision on issuing a license or refusing to issue it within thirty days from the date of receipt of the license applicant's application together with all necessary documents.

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Agreement on the rules of the payment system is carried out simultaneously with the consideration of the license applicant's application and the documents attached to it.

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After the decision on issuing a license or refusing to issue a license is made, the Central Bank sends a notification to the license applicant about the adoption of the decision within three working days.

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When a decision on issuing a license is made, the Central Bank enters the relevant entry into the Registry of Payment System Operators regarding the payment system operator.

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The notification about the adoption of a decision on issuing a license is sent (handed over) to the license applicant in written form or in electronic form through an information system, indicating the details of the bank account and the deadline for payment of the state duty.

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The payment system operator carries out its activities after obtaining a license and agreeing on the rules of the payment system.

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The Central Bank refuses to issue a license to the license applicant in the following cases:

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when documents not properly formalized by the license applicant are submitted;

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when there is incorrect or distorted information in the documents submitted by the license applicant;

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when the license applicant does not meet the requirements and conditions for the license.

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The notification about the refusal to issue a license is sent (handed over) to the license applicant in written form or in electronic form through an information system, indicating the reasons for the refusal. The license applicant may submit documents for repeated consideration within a period not exceeding two months, eliminating the specified reasons.

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If the license applicant eliminates the reasons that served as the basis for refusing to issue a license, the Central Bank carries out repeated consideration of the documents within ten days from the date of receipt of the license applicant's application together with all necessary documents. No fee is charged for the repeated consideration of the license applicant's application.

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If the information about the payment system operator changes, the payment system operator must notify the Central Bank in writing or in electronic form through an information system within three working days. Based on the notification received from the payment system operator, the Central Bank makes the relevant changes to the Registry of Payment System Operators within three working days.

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To carry out activities as an operator of two or more payment systems, the payment system operator applies to the Central Bank with an application for issuing a license for carrying out activities as an operator of each payment system, attaching the documents specified in this article to the application.

LexUZ commentary See: Regulation on the Licensing of Activities of Payment System Operators and Payment Institutions approved by Resolution No. 8/3 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registration No. 3431, 05.05.2023).

See previous edition.

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Article 23. Withdrawal of the License of a Payment System Operator

[OKOZ: 1. 03.00.00.00 Civil Law / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]

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The Central Bank has the right to make a decision on withdrawing the license of a payment system operator in the following cases:

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upon application by the payment system operator for withdrawal of the license;

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when the license granting the right to carry out banking operations is withdrawn from the bank that is the payment system operator;

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when the payment system operator is liquidated - from the date of liquidation or, in the event of its liquidation as a result of reorganization - from the date of reorganization, except when added to the license for carrying out the same type of licensed activity, if there is a license for carrying out the same type of licensed activity on the date of state registration of a newly formed legal entity at the reorganized payment system operator, as well as its modification;

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when the payment system operator does not carry out activities for one year from the date of obtaining the license or when the activities of the payment system operator are suspended for a period exceeding six months;

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when the requirements provided for by this Law are regularly violated by the payment system operator or violated once in a gross manner;

See previous edition.

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violations affecting the uninterrupted operation of the payment system, as well as ensuring information security and cybersecurity, are not eliminated by the payment system operator within three months from the date of sending the first instruction of the Central Bank;

(Paragraph 7 of Part 1 of Article 23 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 - National Database of Legislation of Uzbekistan, 21.09.2024, No. 03/24/964/0736 - enters into force from December 22, 2024)

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When it is established that the decision of the Central Bank on issuing a license is contrary to the law.

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When applying with an application for withdrawal of the license, the payment system operator must submit the following:

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in the event of liquidation of the payment system operator:

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a decision adopted by its founders (participants) or the body of the legal entity authorized by the constituent documents, indicating the reasons for liquidation;

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a liquidation plan approved by the founders (participants) of the payment system operator or the body of the legal entity authorized by the constituent documents, which includes the liquidation procedure, the procedure and deadlines for fulfilling obligations to participants of the payment system and satisfying creditors' claims;

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a balance sheet report confirming the sufficiency of funds to satisfy creditors' claims at the time of appeal to the Central Bank;

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information about the liquidator or the composition of the liquidation commission and other necessary information;

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in other cases - the procedure and deadlines for fulfilling obligations to participants of the payment system.

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Withdrawal of the license of a payment system operator on grounds not provided for in this article is not permitted.

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The decision of the Central Bank on withdrawal of the license is signed and handed over to the management of the payment system operator on the day the decision is adopted. The license must be returned and destroyed by the payment system operator within ten days from the date of receipt of the decision on withdrawal of the license.

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The decision of the Central Bank on withdrawal of the license of a payment system operator must be published in mass media and on the official website of the Central Bank within one day from the date of adoption of this decision. The validity of the license is considered terminated from the date of adoption of the decision of the Central Bank on withdrawal of the license of a payment system operator.

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The decision of the Central Bank on withdrawal of the license may be appealed to the court. If the court finds the withdrawal of the license unfounded, the Central Bank is liable to the licensee in the amount of damage caused to it.

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The procedure and deadlines for completing transactions on payments and settlements when the license of a payment system operator is withdrawn are determined by the Central Bank.

(Article 23 in the edition of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 - National Database of Legislation of Uzbekistan, 12.10.2021, No. 03/21/721/0952)

LexUZ commentary See: Chapter 10 of the Regulation on the Licensing of Activities of Payment System Operators and Payment Institutions approved by Resolution No. 8/3 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registration No. 3431, 05.05.2023).

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Article 24. Procedure for Licensing Activities of Payment Institutions

[OKOZ: 1. 02.00.00.00 Fundamentals of State Administration / 02.08.00.00 General Issues of State Administration in the Sphere of Economy, Social and Cultural Construction / 02.08.06.00 Administrative Procedures / 02.08.06.02 Licensing of Specific Types of Activities (see also 09.01.05.00); 2. 03.00.00.00 Civil Law / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables]

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Legal entities apply to the Central Bank with an application for issuing a license for carrying out the activities of a payment institution in the form established by the Central Bank for the purpose of obtaining a license as a license applicant.

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The application for issuing a license is attached with the following:

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the business plan of the payment institution for the next two calendar years;

See previous edition.

(Paragraph 3 of Part 2 of Article 24 issued on the basis of the Law of the Republic of Uzbekistan No. URQ-905 dated February 7, 2024 - National Database of Legislation of Uzbekistan, 07.02.2024, No. 03/24/905/0106)

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accounting balance sheet and report on financial results as of the last reporting date;

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the procedure for cooperation of the payment institution with the payment system operator and participants of the payment system;

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information about founders (participants), including the amount of their share in the capital;

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information containing information about the head and members of the executive body, including their data, place of work and position, to which copies of confirming documents are attached;

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information about the risk management system, including requirements for ensuring the integrity of customers' funds;

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information about security systems, control mechanisms and systems;

See previous edition.

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information about the security policy, including a document containing a detailed assessment of risks, as well as a description of measures to be taken to reduce risks, including fraud and risks of illegal use of confidential and personal data, to ensure information security and cybersecurity and the protection of users of payment services;

(Paragraph 9 of Part 2 of Article 24 in the edition of the Law of the Republic of Uzbekistan No. URQ-964 dated September 20, 2024 - National Database of Legislation of Uzbekistan, 21.09.2024, No. 03/24/964/0736 - enters into force from December 22, 2024)

See previous edition.

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a description of measures to ensure compliance with the requirements of legislation on combating the legalization of income obtained from criminal activities, financing of terrorism and financing of the proliferation of weapons of mass destruction.

( Paragraph 11 of Part 2 of Article 24

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, 21.04.2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get a link to the document element The form of the application for issuing a license and the list of required documents are posted on the official website of the Central Bank. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank makes a decision on issuing a license or refusing to issue it within 30 days from the date of receipt of the payment institution's application together with all necessary documents. Send suggestions for the document Listen to audio Get a link to the document element The procedure for the payment institution to agree on cooperation with participants of the payment system is carried out simultaneously with the consideration of the payment institution's application and the documents required for licensing attached to it. Send suggestions for the document Listen to audio Get a link to the document element After the decision on issuing a license or refusing to issue a license is made, the Central Bank sends a notification to the license applicant within three working days about the adoption of the decision. Send suggestions for the document Listen to audio Get a link to the document element When a decision on issuing a license is made, the Central Bank enters the relevant entry about the payment institution into the Registry of Payment Institutions. Send suggestions for the document Listen to audio Get a link to the document element The notification on the decision on issuing a license is sent (handed over) to the payment institution in written form or electronically through the information system, indicating the requisites of the bank account and the deadline for payment of the state duty. Send suggestions for the document Listen to audio Get a link to the document element A payment institution may carry out its activities as a provider of payment services after obtaining a license. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank refuses to issue a license to a payment institution in the following cases: Send suggestions for the document Listen to audio Get a link to the document element when the payment institution submits documents that are not properly оформленны (formalized); Send suggestions for the document Listen to audio Get a link to the document element when the documents submitted by the payment institution contain incorrect or distorted information; Send suggestions for the document Listen to audio Get a link to the document element when the payment institution does not meet the requirements and conditions for licensing. Send suggestions for the document Listen to audio Get a link to the document element The notification on refusal to issue a license is sent (handed over) to the payment institution in written form or electronically through the information system, indicating the reasons for refusal. The payment institution may submit documents for re-consideration within a period not exceeding two months after eliminating the specified reasons. Send suggestions for the document Listen to audio Get a link to the document element If the payment institution eliminates the reasons that served as the basis for refusing to issue a license, the re-consideration of documents is carried out by the Central Bank within 10 days from the date of receipt of the payment institution's application together with all necessary documents. No fee is charged for the re-consideration of the payment institution's application. Send suggestions for the document Listen to audio Get a link to the document element If the information about the payment institution changes, the payment institution must notify the Central Bank in writing or electronically through the information system within three working days. Based on the notification received from the payment institution, the Central Bank enters the relevant changes into the Registry of Payment Institutions within three working days. See previous edition. Send suggestions for the document Listen to audio Get a link to the document element Send suggestions for the document Listen to audio Get a link to the document element Article 25. Withdrawal of a Payment Institution License Send suggestions for the document Listen to audio Get a link to the document element The Central Bank has the right to make a decision on withdrawing a payment institution's license in the following cases: Send suggestions for the document Listen to audio Get a link to the document element when the payment institution applies with an application for withdrawal of the license; Send suggestions for the document Listen to audio Get a link to the document element when the payment institution is liquidated - from the time of liquidation or, if its activities are terminated as a result of reorganization - from the time of reorganization, except for the addition of a license for a specific type of licensed activity if the payment institution is modified, as well as if a new legal entity arising in the reorganized payment institution is registered in the state registry; Send suggestions for the document Listen to audio Get a link to the document element if the payment institution does not carry out activities for one year from the date the license was issued, or if the payment institution's activities are suspended for a period exceeding six months; Send suggestions for the document Listen to audio Get a link to the document element if the requirements provided for by this Law are regularly violated by the payment institution or violated seriously once; Send suggestions for the document Listen to audio Get a link to the document element if it is found that the Central Bank's decision on issuing a license is contrary to the law. Send suggestions for the document Listen to audio Get a link to the document element Withdrawal of a payment institution's license on grounds not provided for in this article is not permitted. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank's decision on withdrawing the license is handed over to the management of the payment institution with a signature on the day the decision is made. The license must be returned and destroyed by the payment institution within 10 days from the date of receipt of the decision on withdrawal of the license. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank's decision on withdrawing a payment institution's license must be published in mass media and on the official website of the Central Bank within one day from the date the decision is made. The validity of the license is terminated from the date the Central Bank's decision on withdrawing the license is made. Send suggestions for the document Listen to audio Get a link to the document element After the payment institution receives the Central Bank's decision on withdrawing the license, it is prohibited to provide payment services, and the payment institution must remove the words "payment institution" from its name within one month. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank's decision on withdrawing the license may be appealed to the court. If the court finds the withdrawal of the license unfounded, the Central Bank is liable for the amount of damage caused to the licensee. (edition of Article 25 of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 - National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Send suggestions for the document Listen to audio Get a link to the document element Article 26. Procedure for Reorganization of a Payment Institution See previous edition. Send suggestions for the document Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link to the document element Reorganization of a payment institution (merger, accession, division, separation, transformation) is carried out with notification to the Central Bank based on the decision of the founders (participants) of the organization. (first part of Article 26 of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 - National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Send suggestions for the document Listen to audio Get a link to the document element See previous edition. Send suggestions for the document Listen to audio Get a link to the document element Send suggestions for the document Listen to audio Get a link to the document element If a decision is made on the reorganization of a payment institution, the payment institution notifies the Central Bank by submitting the following documents: (first item of the second part of Article 26 of the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 - National Database of Legislation, 12.10.2021, No. 03/21/721/0952) Send suggestions for the document Listen to audio Get a link to the document element the decision on the reorganization of the payment institution; Send suggestions for the document Listen to audio Get a link to the document element documents specifying the terms, forms, procedure and deadlines for the reorganization of the payment institution; Send suggestions for the document Listen to audio Get a link to the document element the financial forecast of the consequences of the reorganization of the payment institution; See previous edition. Send suggestions for the document Listen to audio Get a link to the document element Send suggestions for the document Listen to audio Get a link to the document element the audit report in accordance with the legislation on audit activities; ( the fifth item of the second part of Article 26

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, 21.04.2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get a link to the document element the business plan for the next two calendar years for the payment institution formed as a result of reorganization; Send suggestions for the document Listen to audio Get a link to the document element the procedure for cooperation with participants of the payment system for the payment institution formed as a result of reorganization. Send suggestions for the document Listen to audio Get a link to the document element The Central Bank has the right to give recommendations based on the results of considering the documents submitted by the payment institution within 15 working days from the date of their submission. Send suggestions for the document Listen to audio Get a link to the document element Payment institutions undergoing reorganization must publish relevant information about the ongoing reorganization in mass media, including on their official website, within 15 days from the date of submission of information on reorganization to the Central Bank. Send suggestions for the document Listen to audio Get a link to the document element Licensing of a payment institution formed as a result of reorganization is carried out in accordance with the requirements of this Law. Send suggestions for the document Listen to audio Get a link to the document element Article 27. Requirements for Heads of Executive Bodies of Payment System Operators and Payment Institutions [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.21.00.00 Banking Activities / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a link to the document element The heads of the executive bodies of the payment system operator and the payment institution must have higher education, at least two years of work experience in the banking and financial sector or in the information and communication technology sector, as well as an impeccable business reputation, experience, knowledge and skills necessary to ensure effective management of payment system risks and to make reasoned decisions within the scope of their powers. Send suggestions for the document Listen to audio Get a link to the document element If the heads of the executive bodies of the payment system operator and the payment institution do not meet the requirements specified in the first part of this article, the Central Bank has the right to issue an instruction on replacing the heads of the executive bodies of the payment system operator and the payment institution. An appeal against this instruction may be filed in court. Send suggestions for the document Listen to audio Get a link to the document element Chapter 5. Carrying out Supervision and Control over the Operation of Payment Systems Send suggestions for the document Listen to audio Get a link to the document element Article 28. Carrying out Control over the Operation of Payment Systems [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link to the document element In carrying out control over the operation of payment systems, the Central Bank: Send suggestions for the document Listen to audio Get a link to the document element requests information from payment system operators and payment institutions related to the operation of payment systems, including information containing personal data; Send suggestions for the document Listen to audio Get a link to the document element determines the forms and deadlines for submitting reports by payment system operators and payment institutions on the operation of payment systems, as well as the methodology for preparing reports; Send suggestions for the document Listen to audio Get a link to the document element analyzes the information submitted by payment system operators and payment institutions on the operation of payment systems; Send suggestions for the document Listen to audio Get a link to the document element conducts inspection checks of the activities of payment system operators and payment institutions; See previous edition. Send suggestions for the document Listen to audio Get a link to the document element Send suggestions for the document Listen to audio Get a link to the document element applies measures and sanctions to payment system operators and payment institutions in case of violation of the requirements of legislation on payments and payment systems. (the sixth item of the first part of Article 26

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, 21.04.2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get a link to the document element The procedure for carrying out control over the operation of payment systems is established by the Central Bank. LexUZ commentary See: Regulation on the Procedure for Supervision and Control over the Activities of Payment System Operators and Payment Institutions, approved by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/4 dated April 18, 2023 (registry number 3434, 15.05.2023). Send suggestions for the document Listen to audio Get a link to the document element Article 29. Procedure for Conducting Inspection Checks [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link to the document element The Central Bank has the right to conduct inspection checks of the activities of payment system operators and payment institutions no more than once a year. Send suggestions for the document Listen to audio Get a link to the document element In the event of disruptions in the continuous operation of a significant payment system, the Central Bank has the right to conduct an unscheduled inspection check. Send suggestions for the document Listen to audio Get a link to the document element Inspection checks may be conducted on specific issues of the activities of payment system operators and payment institutions or be comprehensive. Send suggestions for the document Listen to audio Get a link to the document element Authorized representatives of the Central Bank have the following rights during the inspection check of the activities of payment system operators and payment institutions: Send suggestions for the document Listen to audio Get a link to the document element taking and checking documents; Send suggestions for the document Listen to audio Get a link to the document element obtaining copies of documents to be attached to the inspection materials if necessary; Send suggestions for the document Listen to audio Get a link to the document element obtaining oral and written explanations on issues related to activities; Send suggestions for the document Listen to audio Get a link to the document element entering the place where activities are carried out; Send suggestions for the document Listen to audio Get a link to the document element accessing the organization's information systems, including obtaining information in electronic form (excluding source codes of programs created for electronic computing machines). Send suggestions for the document Listen to audio Get a link to the document element Based on the results of the inspection check, authorized representatives of the Central Bank draw up an inspection report containing general information on the activities of the payment system operator and the payment institution, information on violations identified during the inspection, along with supporting documents. Send suggestions for the document Listen to audio Get a link to the document element The duration of the inspection check may not exceed thirty days. LexUZ commentary See: Chapter 5 of the Regulation on the Procedure for Supervision and Control over the Activities of Payment System Operators and Payment Institutions, approved by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 8/4 dated April 18, 2023 (registry number 3434, 15.05.2023). Send suggestions for the document Listen to audio Get a link to the document element Article 30. Measures and Sanctions Applied by the Central Bank Send suggestions for the document Listen to audio Get a link to the document element See previous edition. Send suggestions for the document Listen to audio Get a link to the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions] Send suggestions for the document Listen to audio Get a link to the document element If violations of the requirements of legislation on combating the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction, as well as legislation on payments and payment systems, committed by the payment system operator and (or) payment institution do not directly affect the continuous operation of the payment system, the Central Bank: (first item of the first part of Article 30

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, 21.04.2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get a link to the document element notifies in writing the governing bodies of the payment system operator and (or) payment institution about the identified violation and the violation committed, indicating the period by which the violation must be eliminated, provided that this period must not be less than ten working days; Send suggestions for the document Listen to audio Get a link to the document element sends recommendations to the governing bodies of the payment system operator and (or) payment institution on eliminating the identified violation. See previous edition. Send suggestions for the document Listen to audio Get a link to the document element Send suggestions for the document Listen to audio Get a link to the document element If the violations of the above-mentioned legislation committed by the payment system operator and (or) payment institution have a negative impact on the continuous operation of the payment system, the Central Bank sends an instruction to the governing bodies of the payment system operator and (or) payment institution on the elimination of the violation, indicating the period for its elimination, which must not be less than ten working days. (second part of Article 30

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (as amended by the Law of the Republic of Uzbekistan No. URQ-721 dated October 12, 2021 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952)

If a payment system operator and/or a payment institution fails to comply with the Central Bank's directive on eliminating violations, as well as violates the legislative requirements on combating the legalization of income derived from criminal activities, financing of terrorism, and financing of the proliferation of weapons of mass destruction, the Central Bank applies one of the following sanctions in accordance with the legislation:

imposes a fine in an amount up to five thousand times the base calculation amount;
restricts the performance of certain types of payment services and/or operations for a period of up to six months;
suspends the validity of the license for a period of up to ten working days.

LexUZ Commentary See: Chapter 6 of the Regulation on the Procedure for Supervision and Monitoring of the Activities of Payment System Operators and Payment Institutions, approved by Resolution No. 8/4 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registration No. 3434, 15.05.2023).

Article 31. Supervision over the functioning of payment systems

When supervision over the functioning of payment systems is carried out, the Central Bank generalizes, systematizes, and analyzes information on payment systems.

When supervision over the functioning of important payment systems is carried out, the Central Bank:

conducts an assessment of important payment systems for their compliance with international standards and the requirements of the Central Bank;
develops recommendations for improving the activities of operators of important payment systems and payment institutions.

The Central Bank publishes an explanation of the results of supervision over the functioning of payment systems at least once a year.

LexUZ Commentary See: Chapter 3 of the Regulation on the Procedure for Supervision and Monitoring of the Activities of Payment System Operators and Payment Institutions, approved by Resolution No. 8/4 of the Board of the Central Bank of the Republic of Uzbekistan dated April 18, 2023 (registration No. 3434, 15.05.2023).

Chapter 6. Payments

Article 32. Carrying out payments on the territory of the Republic of Uzbekistan

Payments on the territory of the Republic of Uzbekistan are carried out through:

transfer of cash funds;
transfer of electronic money;
transfer of funds using payment instruments;
issuance of a payment document containing an order to pay a monetary obligation or funds;
use of electronic payment instruments.

Initiation of a payment is carried out through the following methods:

submission of a payment document by the payer;
use of an electronic payment instrument by the holder;
deposit of cash funds by the payer for transfer through bank cash desks, electronic terminals, and other devices;
submission of consent by the payer to carry out the payment using remote service systems.

Article 33. Payment documents

A payment document is a document drawn up in paper form or in electronic form, on the basis of or with the assistance of which a payment is carried out.

The following payment documents are used in carrying out payments on the territory of the Republic of Uzbekistan:

payment order;
payment demand;
collection order;
memorandum order;
application for a letter of credit;
incoming and outgoing cash payment documents.

The forms of payment documents, mandatory requisites, and other requirements regarding their content, as well as the specific features of using electronic payment instruments, are established by the Central Bank.

LexUZ Commentary See: Chapter 2 of the Regulation on Non-Cash Settlements in the Republic of Uzbekistan, approved by Resolution No. 3/12 of the Board of the Central Bank of the Republic of Uzbekistan dated February 15, 2020 (registration No. 3229, 13.04.2020).

Article 34. Electronic payment instruments

An electronic payment instrument is a bank card or other electronic physical payment instrument containing information that allows the payer to carry out payments, as well as other operations provided for in the contract concluded between the payer and the issuer of the electronic payment instruments.

The legal entity that issues the electronic payment instrument is the issuer of the electronic payment instrument.

The individual who uses or owns the electronic payment instrument in accordance with the terms of the contract concluded with the issuer of the electronic payment instrument is the holder of the electronic payment instrument.

Payments made using electronic payment instruments are carried out based on the consent of the holder of the electronic payment instrument confirmed through the holder's identification means.

The procedure and method of providing and confirming the consent of the holder of the electronic payment instrument in carrying out payments are established in the contract concluded between the issuer of the electronic payment instrument and the holder of the electronic payment instrument.

LexUZ Commentary See: Regulation on the Procedure for Using Electronic Invoices in the Settlement System, approved by Resolution No. 522 of the Cabinet of Ministers dated June 25, 2019.

Chapter 7. Bank Cards

Article 35. Issuance of bank cards

A bank card contains information that allows the holder to carry out payments or withdraw cash funds or exchange currency through electronic terminals and communication channels, and to perform other operations specified by the issuer of the bank card. A bank card may be a debit card, a credit card, including a virtual (non-physical) card.

The issuance and use of bank cards are carried out on the basis of a contract concluded between the issuer of the bank card and the holder of the bank card.

The issuer of the bank card has the right to issue bank cards for distribution to users of payment services and other types of services together with other organizations in the manner and on the terms provided for in the contracts concluded between them.

The issuer of the bank card must inform the holder of the bank card about the security conditions and measures for using the bank card, methods of submitting complaints, and the procedure for their consideration before a contract is concluded with the holder of the bank card.

The issuer of the bank card posts information on its official website regarding the types of bank cards and the terms of their issuance, as well as security measures when using bank cards.

The issuer of the bank card informs the holder of the bank card about the amount of the intermediary fee charged for servicing the bank card and the procedure for its collection, as well as about the calculation of debt if the intermediary fee is not paid. The issuer also ensures that the holder of the bank card is provided with a certificate confirming the payment of the intermediary fee by the holder for the services rendered by the holder regarding the bank card in the manner provided for in the contract concluded between them.

LexUZ Commentary See: Regulation on the Rules for the Issuance and Circulation of Bank Cards on the Territory of the Republic of Uzbekistan, approved by Resolution No. 28/21 of the Board of the Central Bank of the Republic of Uzbekistan dated March 10, 2021 (registration No. 3294, 03.04.2021).

Article 36. Payments made using bank cards

Individual entrepreneurs and legal entities carrying out retail sale of goods and services must ensure the acceptance of payments made using bank cards.

The rights and obligations of a payment participant related to the use of bank cards arise from the moment the payment made using bank cards is accepted by an individual entrepreneur or legal entity.

When payments are carried out using bank cards, the individual entrepreneur or legal entity acquires the right to claim payment from the bank with which it has concluded a contract for servicing bank cards, in the amount of the payment accepted by the individual entrepreneur or legal entity, and the bank assumes the obligation to fulfill the monetary claim of the individual entrepreneur or legal entity.

The issuer of the bank card informs the holder of the bank card about operations carried out using the bank card in the cases and manner provided for in the contract concluded between them. The procedure and frequency of sending such notifications, as well as the amount and procedure for charging an intermediary fee by the issuer of the bank card for informing the holder of the bank card about operations carried out using bank cards, are established in the contract between the issuer of the bank card and the holder of the bank card.

The issuer of the bank card must, at the request of the holder of the bank card, provide relevant documents and information related to the use of the bank card in the manner specified in the contract.

The issuer of the bank card ensures the storage of notifications sent to and received from the holder of the bank card for a period of not less than three years from the date of sending and receiving these notifications.

The issuer of the bank card considers the application of the holder of the bank card within fifteen days from the date the application is received. In cases where an inspection is required to consider the application, additional materials are requested, or other measures are taken, the consideration period may be extended to a maximum of thirty days, and the holder of the bank card is notified of this. If the bank card is used outside the Republic of Uzbekistan, the application of the holder of the bank card is considered within a period not exceeding forty-five days from the date the application is received. Information on the results of the consideration of the application is sent to the holder of the bank card in written or electronic form.

The use of a bank card is suspended or terminated by the issuer of the bank card based on a notification received from the holder of the bank card, or at the initiative of the issuer of the bank card if the holder of the bank card violates the procedure for using the bank card in accordance with the contract.

Suspension or termination of the holder of the bank card's use of the bank card does not terminate the obligations of the holder of the bank card and the issuer of the bank card that arose up to the time of suspension or termination of the use of this card.

LexUZ Commentary See: Chapter 9 of the Regulation on the Rules for the Issuance and Circulation of Bank Cards on the Territory of the Republic of Uzbekistan, approved by Resolution No. 28/21 of the Board of the Central Bank of the Republic of Uzbekistan dated March 10, 2021 (registration No. 3294, 03.04.2021).

Article 37. Unauthorized use of bank cards

The issuer of the bank card must ensure the holder of the bank card with the opportunity to send a notification about the loss of the bank card and/or unauthorized use of the bank card around the clock.

When the fact of loss of the bank card or unauthorized use of it is established, the holder of the bank card notifies the issuer of the bank card about this. If the issuer of the bank card is not notified about the loss of the bank card or unauthorized use of it, all risks lie with the holder of the bank card.

Upon receiving a notification about the loss of the bank card or unauthorized use of it, the issuer of the bank card immediately blocks the bank card. The issuer of the bank card is responsible for unauthorized use of the bank card after receiving a notification about the loss of the bank card and/or unauthorized use of it.

In the event of unauthorized use of a bank card, the holder of the bank card has the right to apply to the issuer of the bank card with an application for compensation for the amounts of funds lost as a result of unauthorized use of the bank card. The holder's application is considered by the issuer of the bank card within the timeframes provided for in Part 7 of Article 36 of this Law.

Based on the results of considering the holder's application, the issuer of the bank card makes a decision on compensating the amounts of funds lost as a result of unauthorized use of the bank card or on refusing compensation.

If a decision is made to compensate for the amounts of funds lost as a result of unauthorized use of the bank card, the issuer of the bank card transfers the funds to the holder of the bank card without delay, but no later than one day after the decision is made.

If a decision is made to refuse compensation for the amounts of funds lost as a result of unauthorized use of the bank card, the issuer of the bank card notifies the holder of the bank card about the decision made, indicating the reasons for the refusal. The following serve as grounds for refusing the holder of the bank card compensation for the amount of funds lost as a result of unauthorized use of the bank card:

failure by the holder of the bank card to comply with the security measures for using the bank card provided for in the contract;
establishment of the fact that the holder of the bank card participated in the commission of crimes using their bank card.

Article 38. Specific features of carrying out operations on interbank payments made using bank cards

Processing and clearing of payments for operations carried out using bank cards issued by banks of the Republic of Uzbekistan on the territory of the Republic of Uzbekistan are carried out by the Central Bank in the manner established by it.

The Central Bank has the right to organize a system for servicing operations on interbank payments made using bank cards issued by banks resident in the Republic of Uzbekistan on the territory of the Republic of Uzbekistan by entrusting the operator of an important payment system with the operational and technological tasks related to ensuring the functioning of this system, or by creating a special organization.

The procedure for the activities of the Special Organization and its cooperation with banks that are issuers of bank cards is established by the Central Bank.

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Chapter 8. Electronic Money

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Article 39. Electronic Money System

[OKZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.06 Settlements via plastic cards and electronic payment systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.21.00.00 Banking Activities / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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An electronic money system is a payment system that ensures the execution of payments and other operations through the use of electronic money, through the cooperation of the operator of the electronic money system with the issuer of electronic money and/or the owners of electronic money.

LexUZ commentary See: Rules for the issuance and circulation of electronic money in the territory of the Republic of Uzbekistan, approved by the Decision of the Board of the Central Bank of the Republic of Uzbekistan No. 13/3 dated February 15, 2020 (registration No. 3231, 29.04.2020).

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Article 40. Issuers and Owners of Electronic Money

[OKZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.06 Settlements via plastic cards and electronic payment systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activities / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]

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The Central Bank and banks are issuers of electronic money.

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Electronic money issued by an issuer of electronic money in the territory of the Republic of Uzbekistan must be denominated only in the national currency.

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The issuance of electronic money is a payment service involving the direct exchange of electronic money by an issuer of electronic money for funds in an amount equal to their nominal value for a natural person, and/or their provision through the operator of the electronic money system or the agent of the electronic money system.

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The following may be owners of electronic money:

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natural persons who have received electronic money from other natural persons, the issuer of electronic money, the operator of the electronic money system, or the agent of the electronic money system;

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agents of the electronic money system — banks or payment agents carrying out operations for receiving and selling electronic money to natural persons on the basis of a contract concluded with the issuer of electronic money or the operator of the electronic money system;

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individual entrepreneurs and legal entities that have received electronic money from natural persons as payment for transactions.

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The rights of the owner of electronic money arise from the moment of receipt of electronic money.

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Article 41. Operator of the Electronic Money System

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A bank or another legal entity that has the relevant license and ensures the functioning of the electronic money system is the operator of the electronic money system. The operator of the electronic money system establishes the rules for the activities of the electronic money system in accordance with the contract concluded with the issuer of electronic money.

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The relationship between the issuer of electronic money and the operator of the electronic money system, if the operator is not the issuer of electronic money, is regulated by this Law and the contract concluded between them.

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The operator of the electronic money system has the right to conclude contracts with natural persons participating in the electronic money system, agents of the electronic money system, individual entrepreneurs, and legal entities in the name of the issuer of electronic money, in accordance with the terms of the contract concluded with the issuer of electronic money and on the basis of the powers granted to it by the issuer of electronic money. In such cases, contracts concluded by the owner of electronic money with the operator of the electronic money system are equated to contracts concluded with the issuer of electronic money when using electronic money issued by the issuer of electronic money within one system.

See previous edition.

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The operator of the electronic money system must ensure the functioning of the electronic money system taking into account the requirements and restrictions established in the legislation on payments and payment systems, as well as in the legislation on combating the legalization of proceeds from criminal activities, the financing of terrorism, and the proliferation of weapons of mass destruction.

(Paragraph 4 of Article 41 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)

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The issuer of electronic money and the operator of the electronic money system are liable to the owner of electronic money for damage caused to the owner of electronic money as a result of unauthorized possession of and/or unauthorized use of electronic money, as well as errors or interruptions in the operation of the software of the issuer of electronic money or the activities of the electronic money system, in accordance with the terms of the contract on the issuance, use, and backing of electronic money.

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Article 42. Issuance and Sale of Electronic Money

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The issuer of electronic money carries out the issuance of electronic money after receiving funds in an amount equal to the nominal value of the obligations assumed by it from natural persons or agents of the electronic money system.

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The issuer of electronic money assumes unconditional and non-callable monetary obligations to back the electronic money it issues in the national currency in accordance with their nominal value.

See previous edition.

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The issuer of electronic money notifies the Central Bank about the commencement or termination of activities related to the issuance of electronic money.

(Part 3 of Article 42 in the edition of Law No. URQ-721 of the Republic of Uzbekistan dated October 12, 2021 — National Database of Legislation, 12.10.2021, No. 03/21/721/0952)

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The collection of brokerage fees by the issuer of electronic money for the issuance of electronic money to the owner of electronic money, as well as for additional services provided by the issuer of electronic money, is carried out in accordance with the terms of the contract concluded on the issuance, use, and backing of electronic money.

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The relationship between the issuer of electronic money and a natural person who is the owner of such money is regulated by this Law and the contract concluded between them on the issuance, use, and backing of electronic money.

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Until the conclusion of a contract on the issuance, use, and backing of electronic money, the issuer of electronic money or the operator of the electronic money system acting on behalf of the issuer of electronic money must provide the following information to a natural person wishing to participate in the electronic money system:

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the name and location (postal address) of the issuer of electronic money and the operator of the electronic money system, as well as the license number of the operator of the electronic money system if it is not a bank;

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about the terms of using electronic money;

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about the procedure and amount of collection of brokerage fees from the owner of electronic money by the issuer of electronic money and/or the operator of the electronic money system in the issuance, use, and backing of electronic money;

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about the methods of submitting complaints and the procedure for their consideration, including information to be provided for contacting the issuer of electronic money or the operator of the electronic money system.

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The contract on the issuance, use, and backing of electronic money must include:

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the terms of issuance (purchase) of electronic money;

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the terms of carrying out operations using electronic money, including restrictions established for the use of electronic money;

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the procedure for confirming the rights of the owner of electronic money to electronic money and to carry out operations using them;

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the procedure and methods for submitting electronic money for backing and the procedure for backing them;

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the procedure for exchanging information between the issuer of electronic money and its owner in the use of electronic money, including the procedure and deadlines for notifying the issuer of electronic money about the loss of electronic money or unauthorized use of them;

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liability for non-performance or inadequate performance of obligations by the parties.

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The sale of electronic money to natural persons or the purchase of electronic money from natural persons is carried out by the agent of the electronic money system on the basis of a contract concluded with the issuer of electronic money or the operator of the electronic money system, in which the rights and obligations of the parties, as well as the procedure and terms for the sale and purchase of electronic money, are established.

LexUZ commentary See: Rules for the issuance and circulation of electronic money in the territory of the Republic of Uzbekistan (29.04.2020, registration No. 3231).

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Article 43. Use of Electronic Money

See previous edition.

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A natural person who is the owner of electronic money uses them for making payments and carrying out other operations by transferring electronic money from the owner to another participant of the electronic money system on the basis of the rules of the electronic money system and conditions that do not contradict the legislation of the Republic of Uzbekistan.

(Part 1 of Article 43 in the edition of Law No. URQ-683 of the Republic of Uzbekistan dated April 21, 2021 — National Database of Legislation, 21.04.2021, No. 03/21/683/0375)

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Only electronic money issued in the territory of the Republic of Uzbekistan may be accepted for payment for goods, works, and services sold in the territory of the Republic of Uzbekistan.

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The acceptance of electronic money as payment in transactions by individual entrepreneurs and/or legal entities is carried out on the basis of a contract concluded with the issuer of electronic money or another bank that is a participant of the electronic money system.

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In concluding transactions, an individual entrepreneur and/or a legal entity that has received electronic money from the electronic money system acquires the right to demand from the issuer of electronic money the funds in the amount of the accepted payment.

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The issuer of electronic money and the operator of the electronic money system take measures to ensure and implement organizational and procedural measures in accordance with the requirements of the Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction" for the purpose of detecting and preventing fraud, as well as the legalization of proceeds from criminal activities, the financing of terrorism, and the proliferation of weapons of mass destruction in the electronic money system.

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The operator of the electronic money system submits information about operations falling within the scope of the Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction" to the authorized body for combating the legalization of proceeds from criminal activities, the financing of terrorism, and the proliferation of weapons of mass destruction.

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The issuer of electronic money submits information about operators of the electronic money system that are not banks to the authorized body for combating the legalization of proceeds from criminal activities, the financing of terrorism, and the proliferation of weapons of mass destruction after concluding a relevant contract with them.

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The maximum amount of a single operation carried out by a natural person who is the owner of identified electronic money must not exceed an amount equal to one hundred times the base calculation amount.

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The maximum amount of a single operation carried out by a natural person who is the owner of unidentified electronic money must not exceed an amount equal to the base calculation amount. If this amount is exceeded, it is necessary to identify the owner of electronic money.

See previous edition.

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Identification of the owner of electronic money is carried out by the issuer of electronic money and/or the operator of the electronic money system in the personal presence of the owner of electronic money and upon presentation of a document confirming their identity, or by other methods not contradicting the requirements of legislation, including using remote identification systems.

(Part 10 of Article 43

Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, April 21, 2021, No. 03/21/683/0375) Send suggestions for the document Listen to audio Get a reference from the document element The maximum amount of electronic money stored on a single electronic device of a natural person who is the owner of unidentified electronic money must not exceed an amount equal to five times the base calculation amount. LexUZ commentary See: Chapter 4 of the Rules for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan, approved by Resolution No. 13/3 of the Board of the Central Bank of the Republic of Uzbekistan dated February 15, 2020 (registration number 3231, April 29, 2020). Send suggestions for the document Listen to audio Get a reference from the document element Article 44. Redemption of Electronic Money [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.06 Settlements via Plastic Cards and Electronic Payment Systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element Redemption of electronic money is a payment service provided by the electronic money issuer, involving the exchange of electronic money issued by the issuer and presented by the owner of the electronic money for an equal amount of monetary funds at their nominal value. Send suggestions for the document Listen to audio Get a reference from the document element If the contract concluded between the electronic money issuer and the natural person who is the owner of the electronic money does not provide for an intermediary fee for the electronic money issuer or the operator of the electronic money system, the redemption of electronic money is carried out by the electronic money issuer by transferring to the bank account of the natural person who is the owner of the electronic money an amount of monetary funds equal to their nominal value or by giving them cash monetary funds. Send suggestions for the document Listen to audio Get a reference from the document element If the contract concluded between the electronic money issuer and an individual entrepreneur or legal entity does not provide for another deadline, the electronic money issuer carries out the redemption of electronic money received by the individual entrepreneur or legal entity from natural persons during payment under the agreement on the day the electronic money is received. Send suggestions for the document Listen to audio Get a reference from the document element Electronic money received by an individual entrepreneur or legal entity is not redeemed when transferring funds to a natural person who is the payer, on the grounds provided for in this Law or in case of termination of the agreement. Send suggestions for the document Listen to audio Get a reference from the document element If the contract concluded between the electronic money issuer or the operator of the electronic money system and the owner of the electronic money does not provide for an intermediary fee for the electronic money issuer or the operator of the electronic money system, the redemption of electronic money whose owners are individual entrepreneurs or legal entities is carried out by transferring an amount of monetary funds equal to their nominal value to the bank account of the individual entrepreneur or legal entity. Send suggestions for the document Listen to audio Get a reference from the document element Chapter 9. Adoption and Execution of Orders Send suggestions for the document Listen to audio Get a reference from the document element Article 45. Submission of Orders [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.06 Settlements via Plastic Cards and Electronic Payment Systems] Send suggestions for the document Listen to audio Get a reference from the document element An order may be submitted in the form of an instruction or demand (payment instruction, payment demand, collection instruction, and application for a letter of credit) in paper or electronic form. Send suggestions for the document Listen to audio Get a reference from the document element Acceptance of an order, as well as retrieval of a collection instruction, is carried out by the payer's bank on the day of the operation. Send suggestions for the document Listen to audio Get a reference from the document element If an order is received after the end of the operation day, such an order is considered received by the payer's bank at the beginning of the next operation day. Send suggestions for the document Listen to audio Get a reference from the document element Submission of an order or its retrieval, as well as suspension of its execution: Send suggestions for the document Listen to audio Get a reference from the document element by transferring in electronic form using relevant electronic communication channels and telecommunication networks; Send suggestions for the document Listen to audio Get a reference from the document element in the absence of the opportunity to use electronic communication channels and telecommunication networks, on an electronic medium; Send suggestions for the document Listen to audio Get a reference from the document element by submitting the original copy of the payment document in paper form, along with instructions regarding its retrieval or suspension of its execution. Send suggestions for the document Listen to audio Get a reference from the document element Submission of an order in electronic form or on an electronic medium, its retrieval, as well as suspension of its execution, is permitted only if the requirements established by the Central Bank are observed. Send suggestions for the document Listen to audio Get a reference from the document element If the initiator is a client of the bank, the methods, procedures, and conditions for submitting the order to the bank by the initiator are reflected in the contract between them. If the initiator is not a client of the bank, the submission of the order by the initiator is carried out in the manner established by the Central Bank. Send suggestions for the document Listen to audio Get a reference from the document element Article 46. Execution of Orders [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element When accepting an order, the bank must check its compliance with contractual requirements and conditions and execute it or refuse to execute it. Send suggestions for the document Listen to audio Get a reference from the document element The beneficiary's bank refuses to execute the order, indicating the reasons for refusal, and immediately notifies the payer about this. Send suggestions for the document Listen to audio Get a reference from the document element Unless otherwise provided in the contract between the payer and the payer's bank, the payer's bank must ensure that the payer provides the amount of monetary funds necessary for the execution of the order. Send suggestions for the document Listen to audio Get a reference from the document element Refusal by the bank to execute an order is carried out on the following grounds: Send suggestions for the document Listen to audio Get a reference from the document element if the payer does not ensure the availability of the amount of monetary funds necessary to make the payment, unless the contract provides for the provision of a credit to the user of the payment service by the provider of payment services for the purpose of making the payment; Send suggestions for the document Listen to audio Get a reference from the document element if the order contains signs of forgery, correction, filling in, and erasure, including if the order was submitted in violation of the procedure for protection against unauthorized payments established in the contract between the payer and the payer's bank; Send suggestions for the document Listen to audio Get a reference from the document element if the contractual requirements regarding the procedure for drawing up and submitting the order by the initiator are not observed; Send suggestions for the document Listen to audio Get a reference from the document element in cases provided for by the Law of the Republic of Uzbekistan "On Combating the Legalization of Income Obtained from Criminal Activity, Financing of Terrorism, and Financing of Proliferation of Weapons of Mass Destruction" or international treaties of the Republic of Uzbekistan; See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element in cases where a demand for withdrawal of monetary funds from a bank account is submitted to a bank account that cannot be subject to enforcement in accordance with the legislation; ( Fourth part, sixth paragraph of Article 46 Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, April 21, 2021, No. 03/21/683/0375) in cases where an unauthorized payment is detected, as well as in cases where facts of illegality in receiving monetary funds to be transferred for the benefit of the beneficiary are detected and confirmed; Send suggestions for the document Listen to audio Get a reference from the document element in the presence of unresolved demands regarding the bank account and (or) decisions of authorized state bodies to suspend operations on expenses related to the bank account and (or) to freeze monetary funds in the bank account. Send suggestions for the document Listen to audio Get a reference from the document element Execution of an order: Send suggestions for the document Listen to audio Get a reference from the document element if the bank does not serve the beneficiary, handing over the order to the beneficiary's bank; Send suggestions for the document Listen to audio Get a reference from the document element if the payer's bank is the beneficiary's bank, completing the transfer of monetary funds; Send suggestions for the document Listen to audio Get a reference from the document element if the bank serves the payer, by giving cash monetary funds to the initiator who submitted the order for payment of cash monetary funds. Send suggestions for the document Listen to audio Get a reference from the document element Article 47. Deadline for Execution of Orders [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element On the day of the operation on which the order was submitted by the payer, the bank ensures the execution of the order. See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element International payments are executed without delay within two operation days from the moment the order is received, provided that the requirements established by legislation on currency regulation of payments are observed. ( Second part of Article 47 Law of the Republic of Uzbekistan No. URQ-683 dated April 21, 2021 (edition - National Database of Legislation, April 21, 2021, No. 03/21/683/0375) LexUZ commentary See: Resolution No. 283 of the Cabinet of Ministers dated May 14, 2020 "On Further Improvement of Measures for Monitoring Foreign Trade Operations in the Republic of Uzbekistan", Rules for Carrying Out Currency Operations in the Republic of Uzbekistan, approved by Resolution No. 18/5 of the Board of the Central Bank of the Republic of Uzbekistan dated August 29, 2020 (registration number 3281, August 31, 2020), and the Regulation on the Procedure for Carrying Out Certain Currency Operations Related to Capital Movements, approved by Resolution No. 22/2 of the Board of the Central Bank of the Republic of Uzbekistan dated November 23, 2013 (registration number 2536, December 17, 2013). Send suggestions for the document Listen to audio Get a reference from the document element Execution of an order regarding the transfer of monetary funds to the bank account of the beneficiary or to another account reflecting the receipt of monetary funds for the benefit of the beneficiary is carried out by the beneficiary's bank on the operation day of the day the order is received. Send suggestions for the document Listen to audio Get a reference from the document element The norms provided for in the first - third parts of this Article: Send suggestions for the document Listen to audio Get a reference from the document element submitted via a collection instruction, payment demand, or application for a letter of credit; Send suggestions for the document Listen to audio Get a reference from the document element which must be executed at indefinite deadlines; Send suggestions for the document Listen to audio Get a reference from the document element having a future settlement date; Send suggestions for the document Listen to audio Get a reference from the document element do not apply to the execution of an order expressed as the consent of the user of the payment service when using electronic payment instruments to obtain goods, works, and services in retail trade or in electronic commerce. Send suggestions for the document Listen to audio Get a reference from the document element Article 48. Execution of Orders with a Settlement Date [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element The settlement date indicated in the payment document may not exceed ten days from the date the payment document was drawn up. Send suggestions for the document Listen to audio Get a reference from the document element In the execution of an order with a settlement date, the monetary funds of the payer are placed in reserve in the bank account or transferred to the internal balance sheet account (transit account) of the payer's bank. Send suggestions for the document Listen to audio Get a reference from the document element The transfer of reserved monetary funds or the transfer of monetary funds from the special transit account of the payer's bank is carried out by the payer's bank without delay from the settlement date indicated in the payment document, taking into account the time required for the beneficiary's bank to transfer monetary funds to the beneficiary's bank account. Send suggestions for the document Listen to audio Get a reference from the document element If the settlement date falls on a holiday, the beneficiary's bank transfers monetary funds to the beneficiary's bank account on the first working day after the designated settlement date. Send suggestions for the document Listen to audio Get a reference from the document element If monetary funds are transferred to the beneficiary's bank account on an operation day that does not correspond to the settlement date indicated in the payment document, the bank that violated the terms of the order with a settlement date is responsible in the manner established by the bank account contract. Send suggestions for the document Listen to audio Get a reference from the document element Article 49. Execution of an Order When the Amount of Monetary Funds Necessary for Execution is Not Available or Insufficient at the Payer [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element Execution of an order when the amount of monetary funds necessary for its execution is not available or insufficient at the payer is carried out in accordance with the law. Send suggestions for the document Listen to audio Get a reference from the document element Chapter 10. Completion and Return of Payments Send suggestions for the document Listen to audio Get a reference from the document element Article 50. Completion of Payments [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (also see 03.11.17.00, 07.21.04.00)] Send suggestions for the document Listen to audio Get a reference from the document element If the payment is made using cash monetary funds, the completion of the payment occurs at the moment the monetary funds are received by the beneficiary or a person authorized by the beneficiary. Send suggestions for the document Listen to audio Get a reference from the document element If the payment is made on the basis of a payment document, the completion of the payment occurs at the moment monetary funds are credited to the beneficiary's account. Send suggestions for the document Listen to audio Get a reference from the document element If the payment is made by transferring monetary funds, the completion of the payment occurs at the moment the transfer of monetary funds is completed by the following methods: Send suggestions for the document Listen to audio Get a reference from the document element making an accounting entry on the beneficiary's bank account when monetary funds are received; Send suggestions for the document Listen to audio Get a reference from the document element actual giving of cash monetary funds to the beneficiary by the beneficiary's bank when the transfer of money is carried out without opening a beneficiary account; Send suggestions for the document Listen to audio Get a reference from the document element making an accounting entry reflecting the receipt of monetary funds for the benefit of the beneficiary on another account. Send suggestions for the document Listen to audio Get a reference from the document element If the payment is made by transferring electronic money, the completion of the payment occurs at the moment the electronic money is received by the beneficiary. The reflection in the electronic money system of information certifying the amount of received electronic money and that these funds have been received for the benefit of another person who is the beneficiary is the moment of receipt of electronic money. Send suggestions for the document Listen to audio Get a reference from the document element Article 51. Authorized and Unauthorized Payments See previous edition. Send suggestions for the document Listen to audio Get a reference from the document element [ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Separate Types of Obligations / 03.11.17.00 Settlements (also see 07.21.03.00) / 03.11.17.06 Settlements via Plastic Cards and Electronic Payment Systems] Send suggestions for the document Listen to audio Get a reference from the document element If a payment is made by a person who has the authority to make such a payment and is not contrary to the legislation of the Republic of Uzbekistan, it is considered an authorized payment. If the payment is made by money transfer, the payment is considered authorized even if the order was accepted by the payer's bank in violation of the established procedure for protection against unauthorized payments. ( First part of Article 51

Law of the Republic of Uzbekistan No. OQZ-683 dated April 21, 2021 (edition - National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

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Payments made without compliance with the requirements specified in the first part of this Article are considered unauthorized payments. Payments made using fake payment instruments are also considered unauthorized payments.

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When banks and payers make payments using electronic payment instruments, they ensure the implementation of procedures for ensuring security against unauthorized payments.

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Procedures for ensuring security against unauthorized payments are determined by contracts concluded between payment participants and (or) the rules of operation of the payment system through which electronic payment documents are transmitted.

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Article 52. Return of funds for payments

See previous edition.

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[OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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The return of funds for payments made in the course of transferring funds is carried out in cases where an unauthorized payment is identified as a result of the execution of an incorrect instruction regarding the transfer of funds.

(Paragraph 1 of Article 52 in the edition of the Law of the Republic of Uzbekistan No. OQZ-721 dated October 12, 2021 - National Database of Legislative Acts of the Republic of Uzbekistan, 12.10.2021, No. 03/21/721/0952)

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An instruction sent by the initiator is considered incorrect if it contains requisites that do not match the requisites of the instruction received from the previous sender, or if it is repeated.

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The return of funds for an incorrect instruction or unauthorized payment is carried out by the beneficiary's bank by deducting funds from the beneficiary's bank account without the beneficiary's consent.

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The return of funds for an incorrect instruction or unauthorized payment is carried out by the beneficiary's bank from the funds available in the beneficiary's bank account no later than the next operating day from the day the fact is identified, except in cases where there are outstanding claims regarding the bank account and (or) decisions of authorized state bodies to suspend expenditure operations on the bank account and (or) to seize funds in the bank account.

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In cases where there are insufficient or no funds in the beneficiary's bank account, the return of funds for an incorrect instruction or unauthorized payment is carried out by the person who made the incorrect transfer or unauthorized payment from their own funds no later than the next operating day from the day the fact is identified.

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If funds are returned, each sender participating in the transfer of funds has the right to be reimbursed from the funds of the participant who made the incorrect instruction or unauthorized payment, for expenses actually incurred as a result of the return of funds related to the transfer of funds (including the intermediary bank).

[ OKOZ: 1. 12.00.00.00 Information and Informatization / 12.08.00.00 Information Security, Protection of Rights of Subjects in the Field of Information and Informatization (see also 16.04.03.00)]

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Chapter 11. Ensuring Information Protection and Security in the Payment System

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Article 53. Requirements and Procedures for Information Protection in the Payment System

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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The procedure for information protection in the payment system and the use of protection tools is determined by this Law and the rules of payment systems.

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Operators of payment systems and providers of payment services:

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ensure continuous protection of this information at all stages of its formation, processing, transmission, and storage;

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ensure a security regime sufficient to protect the confidentiality and integrity of information, including information regarding the identity of users of payment services;

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limit employee authority during work in information systems, including in the development and testing environment and the operating system;

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protect information networks, including the Internet network, as well as servers and communication channels from potential attacks;

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monitor the use of confidential information regarding payments and highly important logical and physical resources (information networks, information systems, databases, information protection modules);

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apply organizational measures and technical means of information protection aimed at detecting adverse events related to violations of requirements for ensuring information protection during the execution of payments and fund transfers;

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take measures to respond to identified adverse events related to violations of requirements for ensuring information protection;

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analyze the causes of identified adverse events related to violations of requirements for ensuring information protection and evaluate the results of measures taken to respond to such adverse events.

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Operators of payment systems and providers of payment services:

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apply the procedure for multi-factor authentication of users of payment services when instructions are sent via communication channels. Multi-factor authentication is not applied when making mobile and contactless payments;

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organize a protected communication channel in remote service delivery systems;

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have the ability to keep, store, and analyze relevant event logs;

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must exchange confidential information in encrypted form using licensed information protection tools during information protection within the communication session via the Internet network.

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Operators of payment systems and providers of payment services may use, process, and store only personal data necessary for providing payment services; they are not entitled to request any data other than that necessary for providing services from the user of payment services.

LexUZ Commentary See: Resolution of the Board of the Central Bank of the Republic of Uzbekistan No. 13/1 dated April 24, 2024 "On Approval of the Regulation on Ensuring Information Security and Cybersecurity of Payment Systems by Operators of Payment Systems and Providers of Payment Services and Taking Measures to Prevent Violations Committed Using Digital Technologies" (registry number 3513, 21.05.2024).

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Article 54. Requirements for Users of Payment Services

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.06 Plastic Cards and Settlements via Electronic Payment Systems; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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The user of payment services to whom an electronic payment instrument is presented must use the electronic payment instrument in accordance with the terms of its issuance and use, and must immediately notify the provider of payment services or the person appointed by them if the payment instrument is lost, stolen, misappropriated, or used without permission.

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Article 55. Risks Related to Ensuring Security

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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Operators of payment systems and providers of payment services must ensure a system of measures to reduce and control risks related to operations and risks related to ensuring security during the provision of payment services. Providers of payment services must develop and maintain effective procedures for responding to adverse events.

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Operators of payment systems and providers of payment services must submit a report to the Central Bank no later than April 1 of the following year regarding the state of security assurance.

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Article 56. Liability of Operators of Payment Systems, Providers of Payment Services, and the Initiator for Ensuring Information Protection

See previous edition.

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[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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Operators of payment systems and providers of payment services must comply with the requirements established by legislation and the rules of payment systems regarding the protection of information processed using payment systems.

(Paragraph 1 of Article 56 in the edition of the Law of the Republic of Uzbekistan No. OQZ-683 dated April 21, 2021 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

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If unauthorized payments are committed as a result of fraudulent actions by the initiator or as a consequence of the initiator's failure to take measures to ensure the protection of their identification means, the initiator is liable for damages caused by unauthorized payments.

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See previous edition.

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Article 57. Supervision of Operators of Payment Systems and Providers of Payment Services in the Field of Information Security and Cybersecurity

(The title of Article 57 in the edition of the Law of the Republic of Uzbekistan No. OQZ-964 dated September 20, 2024 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.09.2024, No. 03/24/964/0736 - enters into force from December 22, 2024)

See previous edition.

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Supervision of operators of payment systems and providers of payment services in the field of information security and cybersecurity is carried out by the Central Bank.

(Paragraph 1 of Article 57 in the edition of the Law of the Republic of Uzbekistan No. OQZ-964 dated September 20, 2024 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.09.2024, No. 03/24/964/0736 - enters into force from December 22, 2024)

See previous edition.

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In the event of a violation of the information security and cybersecurity regime, operators of payment systems and providers of payment services must promptly notify the Central Bank about this and about the measures being taken to mitigate its consequences. The Central Bank forms and maintains a database of information regarding violations of the information security and cybersecurity regime of payment systems.

(Paragraph 2 of Article 57 in the edition of the Law of the Republic of Uzbekistan No. OQZ-964 dated September 20, 2024 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.09.2024, No. 03/24/964/0736 - enters into force from December 22, 2024)

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Chapter 12. Final Provisions

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Article 58. Ensuring the Performance of Obligations for Payments

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.03.00 Settlements and Cash Operations (see also 03.11.17.00, 07.21.04.00)]

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If a provider of payment services violates the deadlines for making payments, they must pay a penalty of 0.1 percent of the sum of the overdue payment for each day of delay, but not more than 10 percent of the sum of the overdue payment.

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If a payment is made incorrectly due to the fault of the provider of payment services, they must transfer the funds to the recipient's account no later than the next working day from the day the error is identified. Otherwise, the payer has the right to demand the return of funds from the provider of payment services in the manner established by law, as well as to demand payment of a penalty of 0.1 percent of the sum of the incorrectly made payment for each day of delay, but not more than 10 percent of the sum of the incorrectly made payment.

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Article 59. Resolution of Disputes

See previous edition.

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Disputes in the field of payments and payment systems are resolved in the manner established by legislation.

(The text of Article 59 in the edition of the Law of the Republic of Uzbekistan No. OQZ-683 dated April 21, 2021 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

See previous edition.

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Article 60. Liability for Violation of Legislation on Payments and Payment Systems

[ OKOZ: 1. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables; 2. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.19.00 Liability for Violation of Laws and Legal Acts on Banks and Banking Activity]

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Persons guilty of violating legislation on payments and payment systems are liable in the manner established by law.

(Article 60 in the edition of the Law of the Republic of Uzbekistan No. OQZ-683 dated April 21, 2021 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

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Article 61. Ensuring the Implementation, Dissemination, and Explanation of the Essence and Importance of this Law

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The Central Bank shall ensure the implementation of this Law, its delivery to executors, and the explanation of its essence and importance among the population.

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See previous edition.

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Article 62. Harmonization of Legislation with this Law

(The title of Article 62 in the edition of the Law of the Republic of Uzbekistan No. OQZ-683 dated April 21, 2021 - National Database of Legislative Acts of the Republic of Uzbekistan, 21.04.2021, No. 03/21/683/0375)

[ OKOZ: 1. 01.00.00.00 Constitutional System / 01.11.00.00 Cabinet of Ministers of the Republic of Uzbekistan (see also 02.01.00.00); 2. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables]

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The Cabinet of Ministers of the Republic of Uzbekistan:

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shall harmonize government resolutions with this Law;

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shall ensure that state management bodies review and repeal their normative legal acts that contradict this Law.

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Organizations carrying out the activities of operators of payment systems and payment organizations must align their activities with the requirements of this Law within three months after this Law enters into force.

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Article 63. Entry into Force of this Law

[ OKOZ: 1. 01.00.00.00 Constitutional System / 01.14.00.00 Law-Making Activity of State Bodies / 01.14.05.00 Publication and Entry into Force of Normative Legal Acts; 2. 03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.01 General Rules. Receivables and Payables]

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This Law enters into force three months after its official publication.

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President of the Republic of Uzbekistan Sh. MIRZIYOYEV

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Tashkent,

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November 1, 2019,

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No. OQZ-578 (National Database of Legislative Acts, 02.11.2019, No. 03/19/578/3986; National Database of Legislative Acts, 21.04.2021, No. 03/21/683/0375; 12.10.2021, No. 03/21/721/0952; 21.04.2022, No. 03/22/765/0332; 07.02.2024, No. 03/24/905/0106; 21.09.2024, No. 03/24/964/0736; 14.07.2026, No. 03/26/1158/0727)