Uzbekistan may raise limit for cash currency exchange without passport

Uzbekistan may allow individuals to purchase up to $500 in cash foreign currency without presenting a passport. This is outlined in a draft regulation published on March 25 by the Central Bank on amendments to internal control rules for combating money laundering, terrorism financing, and the financing of weapons of mass destruction proliferation.

According to the proposal, commercial banks would be required to conduct due diligence on individuals purchasing foreign currency exceeding the equivalent of $500. Currently, this threshold is set at $100.

The draft also proposes changes to customer due diligence (identification) requirements in another case.

At present, banks must verify a customer’s identity when conducting transactions without opening or using a bank account if the amount equals or exceeds 500 times the base calculation amount (currently about 206 million soums). The proposed amendments introduce a fixed threshold of 175 million soums for such transactions.

Public discussion of the draft will continue until April 4.