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.
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