Azerbaijan Tightens Reporting Requirements for Electronic Fund Transfers

Jerusalem, 30 September, 2026 (TPS-IL) -- Baku (AZERTAC) – A new rule regarding electronic transfers, under which financial institutions must submit information to the Financial Monitoring Service, will take effect on Thursday.

AZERTAC reports that according to the decision of the Financial Monitoring Service, the minimum limit for electronic transfer of funds for one calendar year has been set at 20,000 manats ($11,700) or its equivalent in foreign currency.

According to the new rule, after the amount of electronic transfers of a client reaches 20,000 manats within a calendar year, information on each subsequent electronic transfer will be submitted to the Financial Monitoring Service. This includes inter-account transfers, transfers made without opening an account, transfers from a bank account to an electronic wallet and virtual asset account or wallet, as well as transfers from an electronic wallet and virtual asset account or wallet to a bank account, and other electronic transfer operations.

In addition, obligated persons must submit information on the beneficial owners of legal entities that are existing clients to the Financial Monitoring Service by December 31, 2027.