BAKU, Azerbaijan, Feb. 26
By Eldar Janashvili - Trend:
The reports of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) will be drawn up online in Azerbaijan, Trend reports with reference to the press service of the Azerbaijan Banks Association.
A joint meeting of the delegation of Azerbaijan’s Central Bank and the Azerbaijan Banks Association with representatives of Azerbaijan’s Economy Ministry - members of the Payment Systems and Alternative Service Channels and Complayns expert groups.
The main topic of the meeting was the online presentation of reports of the FATCA and the CRS in accordance with international best practices during remote opening of bank accounts.
So, at the meeting, the procedure for remote opening of bank accounts was determined, however, the preparation of FATCA and CRS reports on paper was recognized as the main factor limiting the use of digitalization in this area.
As is known, the introduction of the practice of remote opening of bank accounts is associated with the improvement of the regulatory mechanism to accelerate the digital transformation of banks within “The Strategic Roadmap for the Development of Financial Services in Azerbaijan”, approved by the decree of the head of state dated Dec. 6, 2016 and the order on “The State Program on Expanding Digital Payments in Azerbaijan for 2018-2020” dated Sept. 26, 2018 as well as strengthening financial inclusion.
Announcing the benefits of submitting the FATCA and CRS reports in electronic form, the members of the expert group noted the need for transition to digital environment in this area, discussed further plans and joint steps.