LEGAL REGULATION OF ONLINE BANKING: INTERNATIONAL STANDARDS AND UZBEKISTAN LAW
Keywords:
banking law; online banking; consumer protection; payment services; unauthorised transactions; dispute resolution; Uzbekistan; comparative lawAbstract
This article examines the legal regulation of online banking from a comparative and doctrinal perspective, with focus on consumer protection in Uzbekistan against international standards. It analyses the principal legal instruments in four jurisdictions: the United States, the European Union, Singapore, and Uzbekistan. The findings demonstrate convergence around three pillars: pre-contractual transparency, fault-based or shared-responsibility liability rules, and accessible out-of-court redress. Uzbekistan, having enacted Law No. ZRU-578 in 2019 and reinforced it through Presidential Decree No. PP-381 of November 2023 and Central Bank Regulation No. 3513 of May 2024, has achieved meaningful substantive alignment. However, the regime lacks a specialised financial-services ombudsman comparable to FIDReC in Singapore and a codified shared-responsibility rule for phishing scams. The practical effectiveness of online-banking consumer protection in Uzbekistan depends on the development of specialised institutional infrastructure for redress.
Downloads
References
1. Legal500, "Digital Payments in Uzbekistan: Legal Reforms and Global Implications" (2024). https://www.legal500.com/developments/thought-leadership/digital-payments-in-uzbekistan-legal-reforms-and-global-implications/
2. Directive (EU) 2015/2366 on payment services in the internal market (PSD2), [2015] OJ L 337/35.
3. Norton Rose Fulbright, "PSD3 and PSR: From Provisional Agreement to 2026 Readiness" (2026).
4. Consumer Financial Protection Bureau, Compliance Aid on Electronic Fund Transfers (15 January 2025).
5. MAS-IMDA, Guidelines on Shared Responsibility Framework for Phishing Scams (effective 16 December 2024).
6. Legal500, "Digital Payments in Uzbekistan" (2024).
7. Law of the Republic of Uzbekistan No. ZRU-578 "On Payments and Payment Systems" (1 November 2019). https://lex.uz/ru/docs/4575788
8. Presidential Decree of the Republic of Uzbekistan No. PP-381 of 30 November 2023.
9. Central Bank of the Republic of Uzbekistan, Regulation No. 3513 of 21 May 2024.
10. Interfax, "Uzbekistan Intends to Increase Share of Cashless Payments to 75% by 2030" (December 2025).
11. Law No. ZRU-578 (1 November 2019).
12. Presidential Decree No. PP-381 of 30 November 2023.
13. Central Bank Regulation No. 3513 of 21 May 2024.
14. Electronic Fund Transfer Act 1978, 15 U.S.C. § 1693 et seq.; Regulation E, 12 CFR Part 1005.
15. Directive (EU) 2015/2366 (PSD2).
16. Norton Rose Fulbright, "PSD3 and PSR" (2026).
17. Payment Services Act 2019 (Singapore, Act 2 of 2019).
18. MAS, E-Payments User Protection Guidelines (effective 16 December 2024).
19. MAS-IMDA Guidelines on Shared Responsibility Framework (16 December 2024).
20. FIDReC, "Consumer's Guide to Banking Disputes". https://www.fidrec.com.sg/knowledgebase/article/KA-01257/en-us
21. Civil Code of the Republic of Uzbekistan, Part One (21 December 1995).
22. Electronic Fund Transfer Act 1978; Regulation E, 12 CFR Part 1005.
23. McDermott Will & Emery, "CFPB Proposes Clarifications to Reg. E for Digital Assets" (2026).
24. CFPB Compliance Aid on Electronic Fund Transfers (15 January 2025).
25. Directive (EU) 2015/2366 (PSD2).
26. Commission Delegated Regulation (EU) 2018/389 of 27 November 2017.
27. Norton Rose Fulbright, "PSD3 and PSR" (2026).
28. Trustpair, "EU Payment Services Directive: From PSD2 to PSD3" (2026).
29. Payment Services Act 2019 (Singapore).
30. MAS, E-Payments User Protection Guidelines (16 December 2024).
31. MAS-IMDA, "Implementation of Shared Responsibility Framework" (24 October 2024).
32. FIDReC, "FAQ for Elective Subscription by Financial Institutions".
33. Law No. ZRU-578 (1 November 2019).
34. Presidential Decree No. PP-381 of 30 November 2023.
35. Central Bank Regulation No. 3513 of 21 May 2024.
36. Law "On the Protection of Consumer Rights" (amended 18 January 2022).
37. Esplora Legal, "Regulation of Payment Organizations in the Republic of Uzbekistan" (2025).
38. Central Bank Regulation No. 3513 of 21 May 2024.
39. Civil Code of the Republic of Uzbekistan, Part One (1995).
40. Interfax, "Uzbekistan Intends to Increase Share of Cashless Payments to 75% by 2030" (December 2025).
41. Hogan Lovells, "New Era of Fraud Prevention" (2025).
42. FIDReC, "FAQ for Elective Subscription by Financial Institutions".
43. MAS-IMDA Guidelines on Shared Responsibility Framework (16 December 2024).
44. Directive (EU) 2015/2366 (PSD2), Article 72.
45. Norton Rose Fulbright, "PSD3 and PSR" (2026).
46. MAS-IMDA Guidelines on Shared Responsibility Framework (16 December 2024).
47. Yuz.uz, "Cards Under Protection: Security of Payment Systems in Uzbekistan" (May 2024).
48. Law No. ZRU-578 (1 November 2019).
49. Presidential Decree No. PP-381 of 30 November 2023.
50. Central Bank Regulation No. 3513 of 21 May 2024.
