Regulatory Alerts2023-01-04 | 30/18Added · Updated
On Approval of the Instruction on the Procedure for Opening, Maintaining, and Closing Bank Accounts
The Central Bank of Uzbekistan approves the Instruction regulating the procedures for resident and non-resident legal entities, individuals, and individual entrepreneurs to open, maintain, and close various types of bank accounts, including demand deposit, savings, time deposit, metal, escrow, and agency accounts. The regulation mandates that banks open accounts for residents on the next business day following document submission, while non-residents must be served within fifteen days, and prohibits banks from requiring additional documents beyond those specified. It establishes strict anti-money laundering and counter-terrorist financing (AML/CFT) requirements, including mandatory customer due diligence for crypto-asset exchange participants, and permits remote account opening for specific entities when identification conditions are met.