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Anti-money laundering and customer identification requirements for fintech companies in Uzbekistan. Practical recommendations for building a compliance system.
Uzbekistan's fintech sector is experiencing rapid growth, but regulatory requirements for anti-money laundering (AML) and know-your-customer (KYC) are tightening. The Law of the Republic of Uzbekistan on combating money laundering establishes obligations for financial organizations regarding customer identification, transaction monitoring and suspicious transaction reporting.
Fintech companies, including payment systems, e-wallets and P2P platforms, must implement a comprehensive AML/KYC system. This includes developing internal policies and procedures, appointing a compliance officer, implementing automated transaction monitoring, and regular staff training.
Special attention should be paid to customer identification (KYC) procedures. Violation of AML/KYC requirements carries significant fines and may lead to license revocation.
5 minIf you are outside Uzbekistan but need someone to act on your behalf there — for a property deal, court proceedings, or official paperwork — you have two recognised options: a consular power of attorney or a locally notarised document bearing an apostille. As a practising notary in the Yunusabad district of Tashkent, I explain both routes and what you need to prepare.
5 minIf you have granted a power of attorney but circumstances have changed, you are entitled to revoke it at any time. Alisher Botirov, a notary in the Yunusabad district of Tashkent, explains how to revoke a power of attorney correctly under Uzbek law, what documents you will need, and what to watch out for.