Updated banking supervision rules came into force on August 9, concerning minors' accounts, large money transfers, and certain international operations.
According to the new regulation, one of the signs of a suspicious transaction is the deposit or withdrawal of funds, as well as cash withdrawal from an account belonging to a person under 16 years old, in an amount exceeding 40 BHD (16.48 million UZS) within two business days.
Upon detection of such suspicious signs, the bank's internal supervisory body examines information about the client and the transaction; the determination of suspicion is made based on a comprehensive analysis of each case.
Another new criterion is conducting large transactions with countries under enhanced FATF monitoring. A transaction is considered suspicious if an amount of 1000 BHD (412 million UZS) or more is received or transferred to the account from such countries within 30 days.
At the same time, some requirements have been eased. Previously, a customer check was required if they purchased currency exceeding $100, but this threshold has been increased to $500.
A new limit of 175 million UZS has been set for one-time operations conducted without opening a bank account, instead of the previous 500 BHD. Furthermore, banks are obliged to ensure the ability to monitor payments made by card, from the sending financial institution to the recipient.
In the case of suspicious transactions that do not have a set quantitative limit, banks must conduct a comprehensive analysis of the source of funds, participants, their business reputation, relationships, and the actual purpose of the transaction within 10 business days.
