16:53 - 24.02.2020

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February 24, Fineko/abc.az. When opening bank accounts remotely, Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reports were presented electronically in accordance with international best practices.

So, despite the fact that on 10 June 2019 the procedure of remote opening of bank accounts was defined with the approval of the “Rules of opening, maintaining and closing of bank accounts”, the preparation of FATCA and CRS reports on the basis of paper media became the main factor limiting the use of digitization in this area.

ABC.AZ reports that during the joint meeting of the delegation of the Central Bank of Azerbaijan and the Association of Banks of Azerbaijan (ABA), consisting of expert groups “Payment systems & alternative service channels” and Complayns, discussions were held with representatives of the Ministry of Economy.

At the meeting the members of the expert group, explaining the advantages of submitting the FATCA and CRS report in e-form, discussed the solutions to be applied and the next steps to be taken together, and noted the need to move to digital environment in this area.

Given that both of the above-mentioned strategic documents are crucial in terms of execution, the successful application of bank account opening experience is important.