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.
