There have been reports on social networks that restrictions on cross-border money transfers are being established for payment organizations. The Central Bank explained the situation.

It is noted that the payment organization “BRIO GROUP” LLC did not reflect the requirements of the internal control rules, that is, without reflecting the required information about the recipient and (or) the sender, did not take reasonable and possible necessary measures to identify international money transfers of this type.

In accordance with the law “On regulation of currency”, the opening of foreign accounts for resident legal entities and the disposal of foreign currency funds in them can be carried out within the framework of the decisions of the President of Uzbekistan or the Government of Uzbekistan.

However, in practice, the payment organization “BRIO GROUP” LLC (OSON) opened an account in a foreign bank and conducted operations through this bank account contrary to the requirements of the above law.

“It is illegal for payment organizations to classify the practices of delivering their clients’ payments to a foreign beneficiary as a foreign trade operation, exchange the received funds into other currencies, and also participate in operations as a cross-border and interstate transit organization,” the report reads.

It is noted that there are no restrictions on international payment services and cross-border money transfers, as well as payments to international online services in Uzbekistan, and payments can be made through the platforms of commercial banks.