The Legislative Chamber of the Oliy Majlis adopted in the second and third readings a draft law aimed at further regulating the activities of payment systems and organizations. This is aimed at ensuring financial security and preventing fraud in digital payments.
The new law will introduce the following changes:
- Risk management system – all payment system operators will be required to implement this system.
- The concept of a significant payment organization will be introduced into the legislation. Payment organizations will be divided into categories based on the scope of their activities.
- The powers of the Central Bank will be expanded – it will establish minimum requirements for risk management of payment organizations.
- Anti-fraud and technical protection tools – organizations will be required to implement anti-fraud systems and advanced technical protection mechanisms in online services.
The law provides for amendments to several documents, including the “On the Central Bank” and “On Payments and Payment Systems”. These changes are aimed at combating social engineering, cybercrime, and illegal transactions.
In April, control over payments was tightened: personal data of the sender is required for transactions exceeding 11.25 million soums.
The draft law is a logical continuation of the approaches related to the presidential decree on combating digital crime in the fall of 2023.
