TASHKENT, Uzbekistan, May 16. The Central Bank
of the Republic of Uzbekistan has unveiled a new draft resolution
aimed at overhauling the licensing framework for payment system
operators and payment organizations, Trend reports via the bank.
The proposed amendments primarily focus on enhancing ownership
transparency and strengthening control mechanisms within the
country's expanding digital financial services sector. A key
feature of the draft is the formal introduction of the "beneficial
owner" concept into the regulatory framework, defining it as any
individual or group of individuals who ultimately own or exercise
factual control over a company's operations.
Additionally, the reform seeks to align Uzbekistan's national
licensing protocols with global standards, specifically integrating
the recommendations of the Financial Action Task Force (FATF).
According to the Central Bank, the initiative is designed to
increase transparency across the financial market and reinforce
existing mechanisms to mitigate risks related to money laundering
and the financing of illicit activities.
The regulator has invited citizens, industry experts, and
payment market stakeholders to participate in the public
consultation, noting that all received proposals and comments will
be factored into the final revision of the document.
The draft remains open for public commentary under standard
procedures, a move expected to refine regulatory standards and
support the sustainable long-term development of Uzbekistan's
payment services market.
The document has been published on the national regulatory
portal for public review and market feedback.
