Due to the increased risks of applying economic sanctions in the current geopolitical situation, there is an increasing need to organize and continuously improve the effectiveness of the sanctions compliance system in the banking sector of Uzbekistan.

This draft law provides for the establishment of the requirements of the Central Bank for managing risks associated with economic sanctions in credit and payment organizations. In accordance with this, credit and payment organizations have been granted the right to refuse to open accounts and conduct transactions within the framework of risk management requirements related to economic sanctions.

The current legislation lacks a legal basis for regulating and controlling risks associated with economic sanctions in the activities of credit and payment organizations. This allows individuals who are under economic sanctions or sanctions risks to open accounts and carry out transactions in local banks without hindrance.

According to the initiators of the law, the creation of a legal framework for determining the requirements for risk management related to economic sanctions will allow the Central Bank to timely identify vulnerabilities in the risk management systems of credit and payment organizations, to form an effective mechanism for the correct assessment and minimization of risks.

The adoption of this bill will strengthen the financial stability of the banking system, increase the confidence of international and foreign financial institutions in the country's banking system, and ensure the continuity of cross-border transactions of citizens and business entities.

At the meeting, the draft law was adopted by deputies.