Regulatory Alerts2025-06-17
Regulation on conditions and requirements for activities of divisions of local banks, as well as cash currency exchange operations by banks, their branches, and divisions
The Central Bank of the Republic of Azerbaijan issued Resolution No. 62/2 to establish operational conditions for divisions of local banks and standardize cash currency exchange procedures across banks, branches, and divisions. The regulation mandates real-time data transmission to parent institutions, continuous internal monitoring for anti-money laundering compliance, and enhanced customer due diligence for transactions exceeding 20,000 manats. It further specifies transaction documentation requirements, mandatory display of exchange rates and fees, strict identity verification for large currency trades, and adherence to Central Bank-approved rate spreads.
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