11:04 - 20.05.2025

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May 20, Fineko/abc.az. The Central Bank of Azerbaijan has amended the "Rules for currency exchange operations by persons who have received a license for currency exchange activities & control over currency exchange activities".

ABC.AZ reports that the relevant decision was signed by CBA chairman Taleh Kazimov.

Changes have also been made to the "Conditions and requirements for the activities of local bank branches, as well as the Rules for conducting cash exchange operations by banks, their branches and sub-branches". Both documents were approved on December 20, 2023.

According to the amendments, license holders, as well as banks, should have requirements in their internal rules and procedures for the application of enhanced customer due diligence measures for individuals who have completed transactions worth more than 20,000 manats or an equivalent amount over the past year, as well as internal control mechanisms for compliance with these requirements. So far, the control mechanism has been taken into account during the "calendar year".

The CBA's Department of Legal Support for Financial Markets has been instructed to submit a new decision to the Ministry of Justice within 3 days for inclusion in the State Register of Legal Acts.