In Azerbaijan, the minimum amount for electronic money transfers that financial institutions must report to the Financial Monitoring Service will be calculated under new rules.
Accordingly, the Chairman of the Board of the Financial Monitoring Service of Azerbaijan, Zaur Fatizade, signed a new decision.
According to the Law "On Combating the Legalization of Property Obtained by Crime and the Financing of Terrorism," the threshold for electronic money transfer operations that financial institutions must report to the Financial Monitoring Service will be determined as follows:
- For a single operation — an amount equal to or exceeding 20,000 manats or the equivalent in foreign currency;
- For individuals (except those engaged in entrepreneurial activity without creating a legal entity) — taking into account the specified amount, each subsequent electronic transfer operation carried out by the client during the relevant calendar month, if the total amount of such operations for that month exceeds 50,000 manats or the equivalent in foreign currency.
The new decision will enter into force on January 1, 2027.
Recall that under the previous rule, once the total amount of a client's electronic transfers during a calendar year reached 20,000 manats, information was provided to the Financial Monitoring Service for each subsequent operation. This mechanism sparked public debate.