Services to Correspondent Accounts


The system of complex services to correspondent accounts enables the following services for other banks:

  • maintain correspondent accounts
  • make non-cash payments within and outside the Republic
  • carry on conversion transactions
  • get references and statements on operations and balance of certain accounts, maintain copies of payment documents
  • transfer or draw cash from accounts
  • make enquiries about transferred funds
  • within the inquired period provide clients with information about account history.

The S.W.I.F.T. electronic payment system available in the Bank provides fast and accurate money transfers within and outside the country.

Documents required for opening of a correspondent account for resident banks:

  1. Application for opening an account
  2. Copy of the Charter (notarized form)
  3. Copy of State registration document (notarized form)
  4. Bank License (notarized form)
  5. Originals of the Certificate Duplicates issued by the relevant Tax Authority (1 for each type of account)
  6. 2 specimen signature and seal sheets (notarized copies)
  7. Document/order about appointment of the authorized signatories
  8. Notarized copy of attestation sheet confirming certification of the authorized signatories in the Central Bank
  9. Identification documents of the authorized signatories
  10. Contract
  11. Information about the bank's internal control system of the fight against legalization of criminally gained funds and financing of terrorism information about the person in charge for these actions information about the bank’s main activity directions and its reputation information about investigative actions and/or control measures towards the bank held by any competent authority related with money laundering and financing of terrorism.

Documents required for opening of a correspondent account for non-resident banks:

  1. Application for opening an account
  2. Copies of bank’s Charter or other document, reflecting its legal status, as well as banking license issued by a competent authority of the registering country (legalized in accordance with the legislation and notarized translation into Azerbaijani language)
  3. A report on the audit results for the last financial year
  4. Information on balance of the last month
  5. Information about bank’s management, as well as the register of authorized signatures or copies of signatures of authorized persons and bank seal samples legalized in accordance with current legislation
  6. In cases determined by international agreements of the Republic of Azerbaijan, license for opening of a correspondent account issued by the competent authority (Central Bank or other authority) in the country of the registering bank (legalized in accordance with the legislation and notarized translation into Azerbaijani language)
  7. Information about the bank's internal control system of the fight against legalization of criminally gained funds and financing of terrorism information about the person in charge for these actions information about the bank’s main activity directions and its reputation information about investigative actions and/or control measures towards the bank held by any competent authority related with money laundering and financing of terrorism.

*According to the guidelines of the Central Bank of the Republic of Azerbaijan, resident banks can maintain correspondent accounts in national currency only in the Central Bank of the Republic of Azerbaijan.

 

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