New Regulations on “Opening, Operating, Closing Bank Accounts” (hereinafter: Regulations), approved by the Financial Market Supervisory Authority of the Republic of Azerbaijan, came into force on 25 June 2019.

According to the Regulations, banks can open remote bank accounts for both residents and non-residents. There are certain verification methods through which the banks can verify their customers. In addition, the Regulations envisage the following thresholds for the different types of verification methods for resident physical persons:

1. up to AZN 500 (approximately USD 294) – person is verified via authentication (i.e. password) in bank’s system;

2. up to AZN 6,000 (approximately USD 3,529) – person is verified via video call;

3. more than AZN 6,000 (approximately USD 3,529) – person is verified via advanced electronic signature and video call. In practice, this method can be applied to bank accounts of which amount are not more than AZN 20,000 (USD 11,764).

Resident legal entities and individual entrepreneurs and non-residents can open bank account at distance only via advanced electronic signature and video call.

Other documents such as copy of ID card/passport for physical persons, or extracts, charter and other required documents for legal entities are also required to submit to bank via electronic means in order to open remote bank accounts.

Azerbaijani law firm Baku Attorneys & Consultants, a team of highly experienced attorneys, is strongly specialized in rendering various expert services to foreign natural persons and legal entities in Azerbaijan, including preparation of legal documents to opening foreigners’ bank account. Please, feel free to reach us via www.batco.az to further discuss your case and provide a cutting-edge advice to ensure and protect your future presence and business in Azerbaijan.

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