BAKU, Azerbaijan, August 5. A new minimum
limit has been set for electronic money transfers in Azerbaijan,
for which financial institutions are required to submit information
to the Financial Monitoring Service.
According to information obtained by Trend, the Chairman of the
Board of the Financial Monitoring Service, Zaur Fatizade, signed
the relevant decision.
According to the law "On combating the legalization of property
obtained through crime and the financing of terrorism", information
and documents on electronic money transfer transactions involving
funds equal to or exceeding the amount set by the financial
monitoring authority must be submitted by financial institutions to
the financial monitoring authority.
According to the new decision, the minimum threshold for the
amount of electronic money transfer transactions for which
financial institutions must submit information and documents to the
Financial Monitoring Service, in accordance with the paragraph
above, will be set at 20,000 manat ($11,765) or an equivalent
amount in foreign currency per calendar year and will apply to each
subsequent electronic money transfer transaction of the
customer.
In addition, obligated entities must ensure submission of
information on the beneficial owners of legal entities that were
their customers before this decision enters into force to the
Financial Monitoring Service by December 31, 2027.
The decision signed on April 21 will enter into force on October
1.
