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Approved by the Decision of the Central Bank of the Azerbaijan Republic of September 17, 2013 No. 19/1

The instruction about clearing settlements and money transfers in the Azerbaijan Republic

(as amended of Board decision of the Central Bank of the Azerbaijan Republic of 17.03.2014 No. 05/1)

1. General provisions

1.1. This Instruction is prepared based on article 44.3 of the Law of the Azerbaijan Republic "About the Central Bank of the Azerbaijan Republic", article 38.1 of the Law of the Azerbaijan Republic "About banks", according to the Civil Code of the Azerbaijan Republic, the Tax Code, the Laws of the Azerbaijan Republic "About social insurance" and "About execution", and also, according to other regulatory legal acts.

1.2. This Instruction determines carrying out clearing settlements in the territory of the Azerbaijan Republic, and also, form and content of the used payment documents, creation and rules of turnover, including, rules and conditions of carrying out money transfers

1.3. Clearing settlements and remittances are made by banks, local branches of foreign banks and the national operator of mail service (further banks).

1.4. Identification and verification of the payer and person receiving means, and also the beneficiary including other questions connected with it in the course of clearing settlements and money transfers, are performed with observance of requirements of the law of the Azerbaijan Republic "About fight against legalization of money or other property acquired in the criminal way, and terrorism financing".

1.5. Clearing settlements and money transfers in foreign currency are carried out according to this Instruction and the foreign exchange legislation.

1.6. The transactions on clearing settlements and money transfers connected with issue or receipt of grants are made only after submission of the document confirming registration of each agreement (decision) on issue or receipt of grant.

2. Concepts

2.1. The concepts used in this Instruction express the following values:

2.1.1. clearing settlement - the payment made by means of bank accounts based on payment documents, without use of cash;

2.1.2. the payment document - the order made by the payer or person receiving means on paper or electronic media for carrying out clearing settlements;

2.1.3. payment transactions - revenues, transfer and extraction of money to the bank account at the initiative of one of the parties, in independence of availability of any obligation between the payer and person receiving means;

2.1.4. day of transaction - acceptance of payment documents from bank during the working day, and the term determined for execution of payment transactions or money transfers;

2.1.5. the payer - person making the order on carrying out clearing settlement or money transfer for benefit of person receiving means;

2.1.6. person receiving means - person for benefit of whom clearing settlements or money transfers are carried out;

2.1.7. money transfers - transaction on transfer of cash of money for benefit of person receiving means without opening of the bank account addressed to the payer and / or the party receiving means;

2.1.8. money transfer system (further system) - the system giving the chance to physical persons on money transfers within the country or beyond its limits. Without opening of the bank account, or on receipt of the money which is due to physical persons;

2.1.9. name - name, surname and middle name of physical person, or the name of the legal entity;

2.1.10. INN - identification taxpayer number;

2.1.11. code of budget classification - expression in figures of grouping of the income, expenses and sources of financing of the government budget of the Azerbaijan Republic, the budget of the Nakhchivan Autonomous Republic, local budgets and off-budget state funds, based on functional, economic, administrative and other principles;

2.1.12. code of levels of the budget - expression of the government budget of the Azerbaijan Republic, the budget of the Nakhchivan Autonomous Republic, local budgets and off-budget state funds in the figures established by the Ministry of Finance of the Azerbaijan Republic;

2.1.13. the payment terminal - the equipment giving the chance of implementation of payment transaction by means of cash or bank accounts, and also, payment card, providing the payer with the supporting document of rather payment transaction, supplied with the corresponding software.

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