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Annual Limit for Electronic Money Transfers Increased to 50,000 Manats
The Financial Monitoring Service (FMS) has once again amended the reporting procedure for electronic money 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 money transfers, has been abolished.
Going forward, information on an electronic money transfer will be submitted to the FMS when the amount of a single 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 money transfers made by an individual during a calendar month exceeds AZN 50,000, every subsequent electronic money 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Thus, the annual AZN 20,000 mechanism provided for under the previous version of the rules has been replaced by a monthly threshold of AZN 50,000.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 money 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 amendments will enter into force. Instead of taking effect on October 1, 2026, as previously planned, the amendments 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 money transfers during a calendar year reached AZN 20,000, information on every subsequent electronic money transfer was required to be submitted to the FMS. This mechanism had sparked public discussion.
The Financial Monitoring Service (FMS) has once again amended the reporting procedure for electronic money 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 money transfers, has been abolished.
Going forward, information on an electronic money transfer will be submitted to the FMS when the amount of a single 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 money transfers made by an individual during a calendar month exceeds AZN 50,000, every subsequent electronic money 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 money 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 amendments will enter into force. Instead of taking effect on October 1, 2026, as previously planned, the amendments 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 money transfers during a calendar year reached AZN 20,000, information on every subsequent electronic money transfer was required to be submitted to the FMS. This mechanism had sparked public discussion.