Regulatory Alerts2026-06-03
Regulation on Opening, Maintaining and Closing Bank Accounts
The Central Bank of the Republic of Azerbaijan issued Resolution № 04/2 to standardize procedures for opening, maintaining, and closing bank accounts across local institutions and foreign branches. The regulation mandates risk-based "Know Your Customer" due diligence, standardized electronic or paper agreements, and specific reporting to the State Treasury and tax authorities for all account types. It further establishes clear frameworks for remote onboarding, joint accounts, special purpose accounts, and continuous monitoring to mitigate money laundering and terrorist financing risks.
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