BAKU, Azerbaijan, December 25. The Board of the Central Bank of Azerbaijan (CBA) has approved the "Regulation on the conduct of foreign exchange operations by entities licensed for foreign exchange activities and control of foreign exchange activities", Trend reports via the unified electronic database of legal acts (www.e-qanun.az).
CBA Governor Taleh Kazimov signed a new decision on this issue.
The decision tasks include carrying out currency exchange transactions only in cash and on the client's order, selling foreign currency to the client exceeding the $500 equivalent in exchange point in cash, and presenting an identity document when purchasing foreign currency from the client exceeding the equivalent of $10,000.
The daily limit for currency exchange operations at the exchange point with an individual was set at 20,000 manat ($11,760) and the equal amount.
Individuals licensed for foreign exchange activities who conduct transactions exceeding 20,000 manat or the equivalent amount within a calendar year must follow the respective internal rules and procedures in addition to the minimum requirements set by law on internal control programs to combat money laundering and terrorism financing.
Currency exchange points may be organized in airport terminal complexes (Zone I group), major shopping centers, hotels, train stations, and ports (Zone II group), as well as in the form of kiosks, separate buildings, and sections of buildings facing the street (Zone III group).
The transportation of funds from 20,000 manat or equivalents to 200,000 manat ($117,650) from the currency exchange point will be accompanied by an armed security service.
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