Non-governmental or religious organization have corresponding rights and duties 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» (hereinafter – Law).
Exemption from any liability for breach of any restriction on disclosure of the bank or other legally protected secrecy, as well as causing the material and moral damage emerged as a result of the disclosure of information, when the information on the transaction which is subject to monitoring to the Financial Intelligence Unit (hereinafter – FIU) is submitted to the FIU in good faith and in the manner defined by this Law;
To be informed about the results achieved as a result of submission of information to FIU.
identification and verification of customers and beneficial owners;
identification of purpose and essence of all complex, large-scope, unusual, as well as clearly non-economic or illegal transactions and development of written report on them;
storage of relevant documentation for at least five years;
when required by law, development and introduction of internal control systems;
- cash transactions equal to or more than 20000 manat;
- irrespective of the amount, availability of suspicious transactions or transactions creating sufficient grounds for such suspicions concerning criminally obtained funds or other property and financing of terrorism;
- any transactions with the funds or other property associated with the citizens of the country (territory) determined by the article 7.3 of this Law, with the persons registered or that, who has a residency or permanent business in this country (territory), with the persons who has a bank account in Non-governmental or religious organization registered in this country (territory);
- irrespective of the amount, any monetary and other property transactions of politically exposed persons of foreign States;
- irrespective of the amount, transfer of funds from anonymous accounts that are out of the jurisdiction of the Republic of Azerbaijan to the Republic of Azerbaijan or transfer funds to the anonymous accounts that are out of the jurisdiction of the Republic of Azerbaijan;
- transactions with the persons included in certain lists based on the relevant UN resolutions, as well as the legislation of the Republic of Azerbaijan and the international agreements it is signatory to.
If observation of requirements in the field of fighting legalization of criminally obtained funds or other property and terrorist financing by foreign branches and affiliated legal entities (if any) is prohibited by the legislation of the country they are located in, to submit written notification to the Ministry of Justice of the Republic of Azerbaijan or to the The State Committee for Work with Religious Associations of the Republic of Azerbaijan about this fact.
