16:28 - 25.12.2023

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December 25, Fineko/abc.az. The Board of the Central Bank of Azerbaijan (CBA) has approved the Regulation on currency exchange operations by persons licensed for currency exchange activity & control of currency exchange activity.

ABC.AZ reports that the CBA chairman signed a new decision on the occasion.

Under the decision, currency exchange operations will be carried out exclusively in cash and on behalf of customers. At the exchange office, foreign currency in cash will be sold to the customer in excess of the equivalent of $500. When buying from a client in excess of the equivalent of $10,000, you will need to present an ID.

The daily limit of currency exchange transactions with an individual at an exchange office is set at 20,000 manats and an equivalent amount.

In addition to the minimum requirements established by the law on internal control programs to combat the legalization of criminally obtained property and the fight against the financing of terrorism, persons who have received a license for currency exchange activity and carry out transactions for more than 20,000 manats or an equivalent amount during a calendar year must comply with the relevant internal rules and procedures.

Currency exchange offices can be organized in airport terminal complexes (zone of Group I), large shopping malls, hotels, train stations and ports (zone of Group II), as well as in the form of kiosks, individual buildings and sections of buildings with access to the street (zone of group III).

The transportation of finances from 20,000 manats or equivalents to 200,000 manats by the currency exchange office will be accompanied by an armed guard service. Safer transportation of finances will be carried out by persons rendering collection services, with provision of armed guards.