In some cases, a citizen wishing to deposit funds in a bank faces the requirement to disclose the source of the deposited money. Some citizens do not consider it appropriate to report to banks. So, what does the law say about this? Does the bank have the right to inquire about the source of the deposit?
Regarding the issue, lawyer Akram Hasanov stated in his comments to Modern.az that, according to the authority derived from the "Law of the Republic of Azerbaijan on Combating the Legalization of Criminally Obtained Property and the Financing of Terrorism" and other related legislative acts, a bank employee may inquire about the source of funds deposited by a citizen:
"In fact, the amount that causes serious inquiry about its source is above 20,000 manats. However, if certain suspicions arise in the bank employee, they can inquire even if the amount is less than this."
Lawyer Sadiq Afandiyev told Modern.az that even if bank employees question citizens, the legal mechanism in this regard is not fully operational.
"Regardless of the citizen's answer, the bank does not fully execute the search based on the relevant document", - Sadiq Afandiyev added.
