The Financial Monitoring Service (FMS) will once again amend the “Rules for the Submission of Information and Documents to the Financial Monitoring Service of the Republic of Azerbaijan by Obliged Persons, as well as Persons Providing Audit Services,” the FMS said in response to APA-Economics's inquiry.
It was noted that the draft amendments to the rules are currently being reconsidered, and relevant adjustments are being prepared with the aim of introducing a more effective mechanism.
It was reported that the draft will be submitted to the FMS management and is expected to be adopted within a short period of time.
The Service emphasized that the issues under review also include the mechanism for financial institutions to submit information and documents to the FMS regarding electronic transfers exceeding AZN 20,000.
It should be recalled that under the amendments scheduled to enter into force on October 1, once the total amount of a customer’s electronic transfers during a calendar year reaches AZN 20,000, information on each subsequent electronic transfer is to be submitted to the Financial Monitoring Service.
The mechanism in question has sparked public discussions. Thus, the annual threshold of AZN 20,000 corresponds to an average of approximately AZN 1,667 per month, and the approach of submitting subsequent electronic transfers to the FMS once this threshold is exceeded has not been received unequivocally.
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