Financial monitoring: the new reporting procedure is moved to 1 January 2027

On 1 October 2026 a decision of the Financial Monitoring Service of Azerbaijan dated 25 September 2026 took force. It changes the decision of the Service of 21 April 2026, which approved a new edition of the procedure by which obliged persons and auditors submit information and documents to the Service, and the amounts from which financial institutions report electronic transfers.

What is changed

• The start. The April decision takes force on 1 January 2027 and not on 1 October 2026.
• Electronic transfers. A financial institution submits information on one electronic transfer of 20,000 manat or more, or the equivalent in foreign currency. Transfers between accounts, transfers without opening an account and transfers by other payment instruments are counted.
• Individuals. For an individual who is not an entrepreneur, each further electronic transfer in a calendar month is reported once the total of the month has exceeded 50,000 manat.
• Beneficial owners. The clause on submitting information about the beneficial owners of the legal entities that were clients before the decision takes force is repealed.
• The data. A code of the type of account is added to the data submitted on an operation.

Whom it concerns

The decision is addressed to banks and other financial institutions, other obliged persons and auditors. A company meets these rules as a client of a bank: the bank reports its transfers at or above the threshold.

What to do

Financial institutions and other obliged persons have the time until 1 January 2027 to bring their reporting to the changed procedure: the thresholds, the code of the type of account and the kinds of reports. This note is a summary; the text of the decision is to be read before a system is changed.

Source: Decision of the Financial Monitoring Service No. 3-21-28/3-6-17/2026 of 25 September 2026 and the decision of 21 April 2026 that it changes, e-qanun.az, in Azerbaijani.