A new rule regarding electronic transfers that financial institutions in Azerbaijan must report to the Financial Monitoring Service comes into force.
elchi reports that, according to the decision of the Financial Monitoring Service, the minimum threshold for electronic transfer of financial funds per calendar year has been set at 20,000 manats or its equivalent in foreign currency.
According to the new rule, after the amount of a customer’s electronic transfers reaches 20,000 manats within a calendar year, information about each of their subsequent electronic transfers will be submitted to the Financial Monitoring Service. This includes inter-account transfers, transfers made without opening an account, and electronic transfers made through other payment instruments.
In addition, information will be provided about cash transactions equal to or exceeding 20,000 manats or its equivalent in foreign currency. This requirement covers cash deposit and withdrawal transactions through cash desks and terminals, cash foreign exchange, and other cash transactions.
According to the decision, operations that raise suspicion of money laundering or terrorist financing must be reported to the Financial Monitoring Service, regardless of the amount.
Furthermore, operations carried out by politically influential persons of foreign states, their close relatives, and persons with whom they have close relations, operations related to the assets of sanctioned persons, as well as operations on bank and other payment accounts of religious organizations and non-governmental organizations will be reported regardless of the amount.
According to the rules, information and documents regarding relevant transactions must be submitted mainly within 3 business days after the transaction is carried out.
In addition, obligated persons must submit information about the beneficial owners of their existing legal entity clients to the Financial Monitoring Service by December 31, 2027.
The decision comes into force on October 1, 2026.