Uzbek Central Bank sets new criteria to identify suspicious remittances
Baku, Azerbaijan, Oct. 31
The Central Bank of Uzbekistan has made amendments to the rules of internal control in commercial banks in order to counter the legalization of incomes from criminal activities and the financing of terrorism, Uzbekistan News reported.
In particular, the remittances of individuals will be considered suspicious if within a month, their amount is 500 times more than the minimum wage (MW) or over this level.
This applies both to cash in foreign currency transferred by individuals from abroad to Uzbekistan, and sent abroad from the country.
At present, the transfer of an amount equaling 500 times of a minimum wage within three months is considered suspicious according to the Central Bank regulations.
The operations by which a non-resident transfers funds to a resident in the form of grants, financial assistance, loans or gratuitous assistance, as well as the transfers, one of participants of which resides, is located or registered in areas with increased terrorist activity, will also be recognized as suspicious.