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A New Rule on Money Transfers Takes Effect from October 1, 2026
Once the total amount of transfers made by a customer during the year exceeds AZN 20,000, banks and financial institutions will be required to submit information and documents to the Financial Monitoring Service (FMS) regarding each subsequent electronic transfer transaction carried out by the customer during that year.
UPDATED!
The Financial Monitoring Service (FMS) has once again amended the rules for reporting electronic transfers.
Under the new decision, the previously established cumulative threshold of AZN 20,000 per calendar year, which required financial institutions to submit information and documents to the FMS regarding electronic transfers, has been abolished.
Going forward, information on an electronic transfer will be submitted to the FMS when the amount of a single electronic transfer is AZN 20,000 or more, or the equivalent amount in a foreign currency.
At the same time, except for individual entrepreneurs, once the total amount of electronic transfers made by an individual during a calendar month exceeds AZN 50,000, every subsequent electronic transfer made during that month will also be reported to the FMS.
Thus, the annual AZN 20,000 mechanism provided for under the previous version of the rules has been replaced by a monthly threshold of AZN 50,000. At the same time, electronic transfers of AZN 20,000 or more in a single transaction will continue to be subject to separate reporting.
The decision also changes the date on which the rules will enter into force. The amendments, which were previously scheduled to take effect on October 1, 2026, will enter into force on January 1, 2027.
It should be recalled that under the previous rules, once the total amount of a customer’s electronic transfers during a calendar year reached AZN 20,000, information on every subsequent electronic transfer was required to be submitted to the FMS. This mechanism had sparked public discussion.
Once the total amount of transfers made by a customer during the year exceeds AZN 20,000, banks and financial institutions will be required to submit information and documents to the Financial Monitoring Service (FMS) regarding each subsequent electronic transfer transaction carried out by the customer during that year.
UPDATED!
The Financial Monitoring Service (FMS) has once again amended the rules for reporting electronic transfers.
Under the new decision, the previously established cumulative threshold of AZN 20,000 per calendar year, which required financial institutions to submit information and documents to the FMS regarding electronic transfers, has been abolished.
Going forward, information on an electronic transfer will be submitted to the FMS when the amount of a single electronic transfer is AZN 20,000 or more, or the equivalent amount in a foreign currency.
At the same time, except for individual entrepreneurs, once the total amount of electronic transfers made by an individual during a calendar month exceeds AZN 50,000, every subsequent electronic transfer made during that month will also be reported to the FMS.
Thus, the annual AZN 20,000 mechanism provided for under the previous version of the rules has been replaced by a monthly threshold of AZN 50,000. At the same time, electronic transfers of AZN 20,000 or more in a single transaction will continue to be subject to separate reporting.
The decision also changes the date on which the rules will enter into force. The amendments, which were previously scheduled to take effect on October 1, 2026, will enter into force on January 1, 2027.
It should be recalled that under the previous rules, once the total amount of a customer’s electronic transfers during a calendar year reached AZN 20,000, information on every subsequent electronic transfer was required to be submitted to the FMS. This mechanism had sparked public discussion.