BAKU, Azerbaijan - Financial institutions in Azerbaijan will be required from Oct. 1 to report subsequent electronic transfers after a customer’s total for the calendar year reaches 20,000 manats ($11,765), or the equivalent in foreign currency.
The requirement is part of a new reporting procedure approved by the Financial Monitoring Service, according to Vesti Baku. Report.az also reported that the rules take effect Oct. 1 under an April 21 decision signed by service chairman Zaur Fatizada.
Reporting Does Not Mean Automatic Blocking
Reaching the threshold does not automatically freeze funds or prohibit further transfers. It triggers an obligation for the financial institution to provide the Financial Monitoring Service with information and documents on subsequent qualifying operations.
The rule covers transfers between accounts, transfers conducted without opening an account, transfers from a bank account to an electronic wallet or virtual-asset account, and transfers in the opposite direction back to a bank account.
The 20,000-manat figure remains unchanged, but it will now be calculated across a calendar year and applied to each later electronic transfer after the threshold is reached.
Obligated institutions must also provide information about the beneficial owners of legal entities already in their customer base by Dec. 31, 2027.