The Financial Monitoring Service (FMS) has once again changed the rules for reporting electronic transfers, APA-Economics reports, citing the FMS decision dated September 25, 2026.
Under the new decision, the previously envisaged cumulative threshold of AZN 20,000 per calendar year for electronic transfers on which financial institutions are required to submit information and documents to the FMS has been abolished.
From now on, information on an electronic transfer will be submitted to the FMS when the amount of a single electronic transfer is equal to or exceeds AZN 20,000 or the equivalent amount in foreign currency.
At the same time, after the total amount of electronic transfers made by individuals, excluding individual entrepreneurs, during a calendar month exceeds AZN 50,000, each subsequent electronic transfer made during that month will also be reported to the FMS.
Thus, the annual AZN 20,000 mechanism envisaged in the previous version has been replaced by a monthly threshold of AZN 50,000. At the same time, individual electronic transfers amounting to AZN 20,000 or more will remain subject to separate reporting.
The decision also changes the date on which the rules will enter into force. The amendments, previously scheduled to take effect on October 1, 2026, will now enter into force on January 1, 2027.
Recall that under the previous rule, once the total amount of a customer’s electronic transfers during a calendar year reached AZN 20,000, information on each subsequent electronic transfer was to be submitted to the FMS. The mechanism had sparked public discussions.
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15:45
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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