In Azerbaijan, the daily transaction limits for card-to-card money transfers are set by the banks themselves.
elchi reports that Shahin Mahmudzada, General Director of the Central Bank of Azerbaijan (AMB), stated this at the presentation of the report on the results of 6 months and at a press conference.
According to him, the main requirement of the Central Bank is to timely detect suspicious and risky transactions of banks, and to prevent the financing of terrorism, illegal gambling activities, and other illegal financial transactions.
Sh. Mahmudzada noted that banks set internal limits, taking into account the daily transactions of customers and the nature of money transfers.
The AMB official emphasized that a person receiving five or more money transfers in a day is not automatically considered an illegal transaction.
“Customers who exceed the established limits can contact the banks. After additional investigation by the bank and confirmation of the legality of the transactions, transfers may be allowed. The purpose of the imposed restrictions is not to complicate citizens’ money transfers. The main goal is to prevent risky and illegal transactions in the financial system,” the general director added.