Central Bank temporarily restricts UPay's operations over violations

The Central Bank of Uzbekistan (CBU) has imposed temporary restrictions on the payment system UPay, citing its involvement in processing payments for illegal gambling activities. These services, including their sale and maintenance, are prohibited by law.

According to a statement from the CBU’s press service, violations were discovered during meetings of the Central Bank's Banking Supervision Committee. It was revealed that despite regulatory obligations placed on all payment organizations to prevent the processing of payments for gambling, UPay, owned by "Marokand" JSC, continued to allow such transactions. As a result, UPay's operations have been restricted for six months.

The imposed limitations include the suspension of electronic payment processing, restrictions on providing banks with the necessary information for transferring funds to individuals, and the prohibition of accepting and processing payments through bank accounts.

In a separate decision, the Central Bank revoked the payment organization license of "UNITED Payment Solution" JSC. The decision was made due to the company's failure to commence operations within a year of obtaining the license.

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