Customer compliance measures are defined as preventive measures in the fight against money laundering and terrorist financing.

APA informs that according to the draft law "On the fight against the legalization of property obtained through crime and the financing of terrorism", which was discussed at today's meeting of the Milli Majlis, financial institutions should not open accounts under fictitious names or anonymously, and documents and property should not be used under fictitious names and or not accept anonymous deposits (keep them in private rooms or safe deposit boxes), issue anonymous deposit certificates, and provide anonymous bank books.

Obligors must apply customer compliance measures in the following cases:

- before establishing business relations;

- Before any one-time transaction expected to be carried out in the amount of twenty thousand manats (limit) or in excess of the limit (this also applies to several transactions carried out within the limit and related to each other, the total amount of which exceeds the limit);

- before one-time electronic transfer of financial funds and one-time transactions with virtual assets in accordance with the rules established by the Central Bank of the Republic of Azerbaijan on electronic transfer of funds and transactions with virtual assets;

- in all cases where the property is suspected to be acquired through crime or used for financing terrorism;

- if there are doubts about the accuracy or relevance of the obtained information and documents.

If the total amount of the transaction is not known before the execution of the transaction, the application of customer compliance measures is carried out as soon as it is determined that the amount of the transaction exceeds the limit.

The bill was voted and adopted in the first reading.