Azerbaijan Sets New Monthly Threshold For Electronic Transfer Reporting
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.
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