Yes — on money-laundering grounds, and that is the ground the instruction gives it.
The refusal right is real and it is the reason an account opening is not a formality. What it rests on is the anti-money-laundering assessment rather than the paperwork: the instruction closes the document list and forbids additions to it, so a refusal is about who you are and where the money comes from, not about a missing certificate. (Bank Accounts Instruction, Paras. 6–7 — lex.uz ↗)
What this means in practice is that a precise description of the business and clean, documented answers on the source of funds are worth more than any amount of paperwork. A vague activity description on a foreign-owned company is the file that gets queried.
Answer a few questions and the full cost — one-off and monthly — is on the screen in minutes.
Part of the answer bank — 195 questions, each cited to the article it rests on.