New rules for the implementation of internal control of the cryptocurrency

Uzbekistan has approved Internal Control Rules for countering the legalization of proceeds from criminal activities, the financing of terrorism and the financing of the proliferation of weapons of mass destruction for persons engaged in the turnover of crypto assets.

The objectives of internal control are:

effective detection and suppression of transactions with money or other property aimed at the legalization of proceeds from criminal activities, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;
prevention of intentional or unintentional involvement of persons engaged in the turnover of crypto assets in criminal activities;
identify, assess, document and mitigate risks;
ensuring strict compliance with the requirements of the legislation on countering the legalization of proceeds from criminal activities, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.
Among the main tasks of internal control:
- taking appropriate measures to identify, assess, document and reduce their risks;
- implementation of customer identification procedures and due diligence measures, including verification and regular updating of data on customers and their beneficial owners;
- identification of beneficial owners, taking available measures to verify their identity;
- conduct in-depth monitoring of operations conducted by public officials, their family members, and persons close to public officials.

The person responsible for the organization and implementation of internal control is appointed from among the senior employees of the organization that carries out activities in the field of turnover of crypto assets. Information about it and about the implementation of Internal Control Rules is sent to NAPU annually until January 10. In turn, the NAPU sends this information to the Department for Combating Economic Crimes annually no later than January 20, according to norma.uz.