In Uzbekistan, the amount of monetary transactions, including cash transactions, for which proper client verification is not required, has been reduced. As of August 9, the new limit is 175 million soums.

Previously, transactions within 500 basic calculated values – about 206 million soums – could be carried out without additional verification. Thus, the threshold was reduced by approximately 31 million soums.

The new requirement was established by a resolution of the Central Bank of Uzbekistan, adopted in May. The regulator gave market participants three months to prepare for the changes.

The Central Bank explained the tightening by the need to bring national rules in line with the recommendations of the Financial Action Task Force (FATF). The new threshold corresponds to an amount of about $15,000.

Thus, transactions for larger amounts will now more often fall under client identification and verification procedures. The decision should strengthen control over the movement of large funds and bring Uzbekistan's financial rules closer to international requirements.