On 10 June 2019, the Chamber of the Republic of Azerbaijan for
Regulating Financial Markets (FIMSA) passed the Rules for Opening,
Maintaining, and Closing Bank Accounts. The Rules are registered
with the state register of legal acts 24 June 2019 and are
effective as of 25 June 2019.
The Rules set out the procedures for opening by persons
(entities and individuals) of bank accounts remotely. The
procedures differentiate between new and existing bank customers.
The Rules and procedures further divide new customers into (i)
resident entities and sole proprietors, (ii) resident individuals,
and (iii) non-resident individuals.
Entities and sole proprietors must obtain an electronic
signature, following which, they can open a bank account through a
video conference with the bank. An entity and individual must
provide the bank with the same documents required upon a
conventional opening, i.e., updated information of the latest
charter/identification document and a
