Banks to allow withdrawals of up to $500 without a passport

Customers will now be able to withdraw up to $500 in cash foreign currency from banks without presenting identity documents. This is stated in a departmental document developed at the initiative of the Ministry of Justice and registered by the state on May 8.

According to the document, customer due diligence measures include identifying and verifying the customer’s identity, as well as checking the identity and authority of a person acting on the customer’s behalf. Under the current procedure, such verification was not required for amounts of up to $100.

Under the new rules, customers will be able to withdraw up to $500 in cash foreign currency from banks without presenting a passport, ID card or other equivalent identity document.

The new procedure is set to come into force in three months.

Earlier, it was reported that a draft with similar content had been proposed by the Central Bank.

Oybek Rustamov