BAKU, Azerbaijan, September 30. Azerbaijan has
raised the monthly threshold for electronic money transfers that
require financial institutions to provide information to the
Financial Monitoring Service.
A new decision on the matter was signed by Zaur Fatizadeh,
chairman of the board of Azerbaijan’s Financial Monitoring
Service.
Under the Law on Preventing the Legalization of Criminally
Obtained Property and the Financing of Terrorism, financial
institutions must provide the Financial Monitoring Service with
information and documents on electronic transfers of funds when the
amount of an individual transaction is 20,000 manats ($11,765) or
more, or its equivalent in foreign currency.
For individuals, excluding those engaged in entrepreneurial
activities without establishing a legal entity, the threshold will
also apply to subsequent electronic transfer transactions carried
out during the same calendar month once the total amount exceeds
50,000 manats ($29,412), or its equivalent in foreign currency.
The new decision will take effect on January 1, 2027.
Under the previous rules, financial institutions were required
to submit information to the Financial Monitoring Service on each
subsequent electronic transfer after a customer’s total electronic
transfers reached 20,000 manats ($11,765) within a calendar
year.
The mechanism had sparked public discussion.
