17:03 - 28.12.2023

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December 28, Fineko/abc.az. When opening currency exchange offices, local banks are required from now on to submit a written notification to the Central Bank of Azerbaijan, as well as relevant documents and information. The CBA must approve the notification in order for the department could start operations.

ABC.AZ informs that the CBA approved the Conditions & requirements for local bank branch’s activity, as well as the procedure for banks, their branches and sub-branches for currency exchange operations in cash.

In this regard, CBA chairman Taleh Kazimov signed a new decision.

In addition, when selling foreign currency in cash to a customer in excess of the equivalent of $500, as well as when buying from a customer in excess of the equivalent of $10,000, a customer identification document will be required.

Banks should also have requirements for the application of enhanced measures to comply with customer requirements in relation to individuals performing transactions in excess of 20,000 manats and an equivalent amount during a calendar year, and internal control mechanisms for compliance with these requirements.