On 25 June 2019 "Rules of opening, conducting and closing of bank accounts"(hereinafter: Rules), approved by the Financial Market Supervisory Authority of the Republic of Azerbaijan, came into force. According to the rules, required documents and the procedure for opening and closing of bank accounts, as well as the requirements for authorized signatures and stamp form have been defined.
It is defined by the rules that, banks should have internal rules in accordance with the principle of "Know your customer" for opening, conducting and closing of bank accounts. The internal rules should be prepared in accordance with the Law of the Republic of Azerbaijan “On the Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism”, the requirements of these Rules, other legal acts and the risk management system of the bank.
It should be noted that, according to the rules, the procedure for opening of a bank account from distance has been determined. Thus, while opening a bank from distance, advanced electronic signature and video call, as well as the specific documents and information specified in Appendix 1 to the Regulations, depending on the client's status (physical/legal entity, resident/non-resident) are required.