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RESOLUTION OF BOARD OF CENTRAL BANK OF THE AZERBAIJAN REPUBLIC

of December 20, 2023 No. 62/2

About approval "Procedure for conditions and requirements in connection with activities of departments of local banks, and also making by banks, their branches and departments of currency exchange transactions in cash procedure"

Based on article 11.1-1 of the Law of the Azerbaijan Republic "About banks", parts 5 of Article 3 and Item) parts 2 of article 13 of the Law of the Azerbaijan Republic "About currency control", article 10.5 of the Law of the Azerbaijan Republic "About fight against legalization of the property received in the criminal way, and terrorism financing" article 22.1.4 and 22.1.17 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" the Board of the Central bank of the Azerbaijan Republic DECIDES:

1. Approve "Procedure for conditions and requirements in connection with activities of departments of local banks, and also making by banks, their branches and departments of currency exchange transactions in cash procedure" it (is applied).

2. Part of 1 Resolution of Board of the Central Bank of the Azerbaijan Republic of December 29, 2015 No. 44/1 "About approval of "Rules of the organization of exchange departments and making of exchange transactions" (the change made by the Resolution of Board of the Central bank of the Azerbaijan Republic of September 29, 2016 No. 38/5) and the Resolution of the liquidated Chamber on supervision of the financial markets of the Azerbaijan Republic of July 7, 2017 No. 19 "About approval of "Rules of receipt of permission to opening of departments and local representative offices of local banks" (to cancel the change made by part 5 of the Resolution of Chamber on supervision of the financial markets of the Azerbaijan Republic of December 20, 2018 No. 18051000017).

3. Charge to Legal department (Rena Melikova) in 3-day time to provide submission of this Resolution to the Ministry of Justice of the Azerbaijan Republic for entering into the State register of legal acts of the Azerbaijan Republic.

Approved by the Resolution of Board of the Central bank of the Azerbaijan Republic of December 20, 2023, No. 62/2

Procedure for conditions and requirements in connection with activities of departments of local banks, and also making by banks, their branches and departments of currency exchange transactions in cash procedure

1. General provisions

1.1. This Procedure is developed based on article 11.1-1 of the Law of the Azerbaijan Republic "About banks" (further - the Law), parts 5 of Article 3 and Item) parts 2 of article 13 of the Law of the Azerbaijan Republic "About currency control", article 22.1.4 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic", article 10.5 of the Law of the Azerbaijan Republic "About fight against legalization of the property received in the criminal way, and terrorism financing" and determines conditions and requirements in connection with activities of department of local bank in the territory of the Azerbaijan Republic (further - department), and also rules of making by banks, their branches and departments of currency exchange transactions in cash procedure.

1.2. This Procedure extends also to the currency exchange transactions performed in cash procedure by the national operator of mail service.

1.3. During activities of departments, and also activities of banks, including their branches and departments, in connection with making of currency exchange transactions in cash procedure it is necessary to observe requirements of the regulatory legal acts regulating banking activity, including the laws of the Azerbaijan Republic "About fight against legalization of the property received in the criminal way, and terrorism financing" and "About target financial sanctions", the acts of normative nature adopted according to them and also internal regulations (rules, provisions, procedures etc.) bank.

2. Conditions and requirements to activities of department

2.1. The bank meeting the requirements of article 11 of the Law can make the decision on opening of department. In case of decision making about opening of department the written notice, and also the relevant documents and data are represented to the terms and procedure established by the law in the Central bank of the Azerbaijan Republic (further - the Central bank). In case of recognition of the notification by the Central bank considered positively according to the law, the department can start activities.

2.2. The department can perform only one or several of the following types of activity determined in regulations on them:

2.2.1. attraction of deposits;

2.2.2. opening and maintaining bank accounts;

2.2.3. settlement and cash services;

2.2.4. currency exchange transactions;

2.2.5. money transfer.

2.3. Except for decision makings about issuance of credits, the department can accept documents on the credits issued by bank or bank branch, to carry out provisional estimate of solvency of borrowers and to perform other actions (to make transactions).

2.4. Data on the transactions made in department shall be transmitted in real time through information system in bank.

2.5. Within internal control systems and risk management of bank it is necessary to provide constant control of the organization of activities of department, making and accounting of transactions, completion of operational day, providing the reporting, security measures and other spheres of its activities.

2.6. Within the measures of fight against legalization of the property received in the criminal way, and financing of terrorism, performed according to the program of internal control, the bank shall apply procedures of check for the purpose of providing requirements of professionalism and civil faultlessness in the course of employment in department of employees and constantly involve the staff of department in the corresponding training.

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