Unofficial translation (c) Soyuzpravoinform LLC
State register of legal acts
of February 4, 2022 No. 04/2
About approval of "Procedure for opening, maintaining and closing of bank accounts"
The board of the Central bank of the Azerbaijani Respubplika based on article 22.0.17 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" DECIDES:
1. Approve "Procedure for opening, maintaining and closing of bank accounts" it (is applied).
2. Repeal the Resolution of the abolished Chamber on supervision of the financial markets of the Azerbaijan Republic "About approval of "Rules of opening, maintaining and closing of bank accounts" of June 10, 2019 No. 1951100026.
3. Charge to Department of the right (R. Melikov) in 3-day time to provide submission of this Resolution to the Ministry of Justice of the Azerbaijan Republic for inclusion in the State register of legal acts of the Azerbaijan Republic.
Chairman of the Central bank
Approved by the Resolution of Board of the Central bank of the Azerbaijan Republic of February 4, 2022, No. 04/2
1.1. This Procedure is developed based on article 36.2 of the Law of the Azerbaijan Republic "About banks" according to the Civil code of the Azerbaijan Republic and other regulatory legal acts and determines rules of opening, maintaining and closing of bank accounts in banks within the country, local branches of foreign banks (further - bank).
1.2. This Procedure does not extend much opening of accounts of residents in foreign currency outside the Azerbaijan Republic, and also carrying out account transactions of residents, opened in foreign currency, and to the accounts of nonresidents opened in national and foreign currency.
1.3. The procedure for opening, maintaining and suspension of special election accounts is determined according to the Electoral code of the Azerbaijan Republic.
1.4. Banks open correspondent accounts in national currency within the country only in the Central bank of the Azerbaijan Republic (further - the Central bank).
1.5. According to the requirement of the Law of the Azerbaijan Republic "About the budget system" for opening of bank accounts state-financed organizations (the organization financed directly from the government budget and the budget of the Nakhchivan Autonomous Republic) need the written permission of the Agency of the State Treasury under the Ministry of Finance of the Azerbaijan Republic.
1.6. According to the laws of the Azerbaijan Republic "About grant" and "About non-governmental organizations (public associations and funds)" banking activities in connection with agreements on grants according to bank accounts of residents in national currency, and also the donations accepted by non-governmental organizations are made only in case of submission of the document confirming registration of the agreement (decision) on provision or receipt of grant respectively or data on donation. Requirements to banking activities in connection with agreements (decisions) on grant extend also to subgrants and cases of change of term, the purpose, the amount of additional agreements to the agreement (decision) on grant, and also agreements (decisions).
1.7. The concepts "resident" and "nonresident" used in this Procedure are used in the value established by the Law of the Azerbaijan Republic "About currency control", the concepts "beneficial owner", "politicians of the foreign states", "business relations" and "internal control system" - in the value established by the Law of the Azerbaijan Republic "About counteraction of legalization of the money received in the criminal way or other property and to terrorism financing", the concept "considerable share" - in the value established by the Law of the Azerbaijan Republic "About banks", the concepts "digital signature" and "the strengthened digital signature" - in the value established by the Law of the Azerbaijan Republic "About the digital signature and the electronic document".
1.8. The concept "client", used in this Procedure, along with the value determined by the Law of the Azerbaijan Republic "About counteraction of legalization of the money received in the criminal way or other property and to terrorism financing" (further - the Law on PLD/FT), includes also state bodies (structures) and municipalities.
2.1. Bank accounts are divided into the following types:
2.1.1. current accounts;
2.1.2. current sub-accounts;
2.1.3. savings accounts;
2.1.4. correspondent accounts.
2.2. Current accounts are opened for the following purposes:
2.2.1. making of banking activities for government institutions, municipalities, legal entities, including legal entities of the public law, their branches and representations, the international organizations, diplomatic and other official representations, family peasant economy, the owners of land using the lands suitable for agricultural industry, the physical persons performing business activity without formation of legal entity which are in their property (further - the individual entrepreneur), private notaries in connection with their financial and economic activities;
2.2.2. accomplishment for physical persons of orders on acceptance and transfer of the money which arrived into their account, to transfer from the account and issue of money, and also making of other account transactions;
2.2.3. accomplishment of obligations for the first organization of the labor unions assigned to it by the law and the charter.
2.3. The current sub-accounts open for structural divisions of the legal entities who do not have the status of branches and representations and being out of the place of their stay. The means arriving into these accounts are transferred into the current account of the legal entity in the terms established by the bank account agreement signed with it, except for salary payments of employees of these structural divisions, other obligatory payments connected with the salary and also payments on compensation of the utility costs providing activities of these structures.
2.4. Provisional current accounts and special checking accounts also belong to current accounts.
2.5. Provisional current accounts are opened for legal entities for payment by share of their authorized, joint capital, and also property shares before their state registration, and also for storage of the money expressing the cost of investment securities in case of their mass offer.
2.6. Special checking accounts are opened for the following purposes:
2.6.1. the settlement account of state-financed organizations - making of the transactions provided in the permission issued according to Item 1.5 of this Procedure;
2.6.2. deposit accounts of court, executive structure, customs authority, the state body performing criminal prosecution and also other state bodies in cases, stipulated by the legislation, - making of transactions, stipulated by the legislation;
2.6.3. the deposit account of the notary - receipt from legal entities and physical persons in the cases provided by the law for the state and private notaries, money, securities, their storage and making of other transactions;
2.6.4. the warranty cash account - collection and use of the money provided by the law for the purpose of guaranteeing responsibility of private notaries to clients;
2.6.5. the insurance bank account - collection and use of the means provided by the law for the purpose of guaranteeing responsibility of lawyers to clients or the represented persons;
2.6.6. the special account of person wishing to obtain the license for currency and exchange activities - pledge and deposition of the money provided by the law during license effective period (these deposits cannot act as pledge for other transactions);
2.6.7. special election account - for the purposes provided by the Electoral code of the Azerbaijan Republic.
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