‘Approved’
The Central Bank
of the Republic of Azerbaijan
Resolution № 19/1
17 September 2013

Guidelines on cashless cettlements and money remittances in the Republic of Azerbaijan

1. General provisions

1.1. These Guidelines have been developed on the basis of Article 44.3 of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan, Article 38.1 of the Law of the Republic of Azerbaijan on Banks in accordance with the Civil and the Tax Codes of the Republic of Azerbaijan, the Laws of the Republic of Azerbaijan ‘on Social Insurance’, ‘on Unemployment Insurance’, ‘on Medical Insurance’, ‘on Cashless Settlements’, ‘on Execution’ and other acts of legal nature.
1.2. These Guidelines determine maintenance of cashless settlements in the territory of the Republic of Azerbaijan, including the form, content, development and circulation procedures of payment instructions used, as well as terms and conditions for managing money remittances.
1.3. Cashless settlements and money remittances are conducted by banks, local branches of foreign banks, and the national postal operator (hereinafter – banks).
1.4. When conducting cashless settlements and money remittances the payer and the payee, beneficiaries, and other related issues are identified and verified in line with the requirements of the Law of the Republic of Azerbaijan on Prevention of Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism.
1.5. Foreign currency-denominated cashless settlements and money remittances are conducted in compliance with these Guidelines and the currency legislation.
1.6. Cashless settlements and money transfers, related to providing or obtaining grants, are maintained solely upon presentation of a document, confirming the registration of each contract (decision) on providing or obtaining grants.

2. Definitions

2.1. Definitions used herein bear the following meanings:
2.1.1. cashless settlement – payment made through bank accounts based on payment instructions without using cash;
2.1.2. payment instruction – prescription submitted by the payer or the payee in a hard or soft copy for conducting cashless settlements;
2.1.3 payment transaction – irrespective of any obligations between the payer and the payee, order, crediting to or debiting from the bank account of funds at the initiative of either party;
2.1.4. transaction day – time period set for reception of payment instructions, and execution of payment transactions or money remittances by the bank during a work day;
2.1.5. payer – person disposing of cashless settlements and money remittances on behalf of the payee;
2.1.6. payee – person in whose favor cashless settlements or money remittances are conducted;
2.1.7. money remittance – transfer of funds in favor of the payee without opening a bank account in the name of the payer and/or the payee;
2.1.8. money remittance system (hereinafter – the system) – system enabling transfer of funds within a country or overseas by individuals without opening a bank account or reception of funds transferred in their favor;
2.1.9. name – 1st, middle and last names of the individual or name of the legal entity;
2.1.10. TIN – taxpayer’s tax identification number;
2.1.11. budget classification code – description in figures of grouping of revenues, expenditures and financial sources of the state budget of the Republic of Azerbaijan, Nakhchivan AR’s budget, local budgets and off-budget public funds under functional, economic, administrative, and other principles;
2.1.12. budget level code – description of the state budget of the Republic of Azerbaijan, Nakhchivan AR’s budget, local budgets and off-budget public funds in figures as defined by the Ministry of Finance of the Republic of Azerbaijan;
2.1.13. payment terminal – equipment, enabling payment transactions in cash or through a bank account and a payment card, with relevant software that supplies the payer with a supporting document on payment transactions.

3. Types of cashless settlements

3.1. These Guidelines regulate the following types of cashless settlements:
3.1.1. settlements with payment orders;
3.1.2. settlements with direct debits;
3.1.3. settlements with encashment orders;
3.1.4. settlements with prescriptions of the State Social Protection Fund under the Ministry of Labour and Social Protection of the Population of the Republic of Azerbaijan (hereinafter – the State Social Protection Fund), tax and customs authorities.
3.2. settlements on encashment and letters of credit are regulated by the Civil Code of the Republic of Azerbaijan and business circulation practices applied in banking.
3.3. Settlements with payment cards are regulated by the Regulations on Issue and Usage of Payment Cards of the Central Bank of the Republic of Azerbaijan.
3.4. Cashless settlements can be conducted in other forms implied by business turnover practices applied in banking, in compliance with Para 972.1 of the Civil Code of the Republic of Azerbaijan.
3.5. The form of cashless settlements is defined by civil turnover subjects under an agreement reached between the parties.

4. General requirements on payment instructions and their execution

4.1. Bank account payment transaction is based on a payment instruction.
4.2. Payment instructions in hard copies are filled out using technical facilities or a ballpoint pen.
4.3. Payment instructions is compiled in the payment transaction currency.
4.4. Payment instructions submitted for execution by one payer or payee on the same transaction day should have non-reiterated numbers.
4.5. Withdrawal of payment instructions submitted in hard or soft copies is regulated by a bank account agreement, taking payment system rules into account.
4.6. The following payment instructions are used when conducting cashless settlements as defined in Item 3.1. herein:
4.6.1. payment orders;
4.6.2. direct debits;
4.6.3. encashment orders;
4.6.4. prescriptions of the State Social Protection Fund, tax and customs authorities.
4.7. Payment instructions are submitted to the bank within 3 (three) business days from the day of writing (ignoring the day of writing). Payment instructions submitted after this date are not received for execution. If the payment instruction is delivered to the bank via postal service, the time-period is determined according to the postal stamp specifying the submission date of the payment instruction to the post office.
4.8. Copies of payment instructions in hard copies are filled out in the same way and, unless otherwise defined herein, are submitted to the bank in the number of payment transaction participants.
4.9. Payment instructions are signed by person(s) authorized to dispose of a bank account and certified by stamp where appropriate.
4.10. Defective payment instructions are received for execution.
4.11. The payment instruction is deemed defective when:
4.11.1. the period specified in Item 4.7 herein expires;
4.11.2. requisites of the payment instruction mismatch;
4.11.3. purpose and substantiation of the payment are not indicated;
4.11.4. amount in numbers and in letters mismatch;
4.11.5. corrections or erasions are made on it;
4.11.6. copies mismatch;
4.11.7. signatures on the payment instruction and on the signature specimen sheet mismatch;
4.11.8. there is no stamp or the stamp mismatches (if specified in the signature and stamp specimen sheet). This requirement does not apply if payment instructions are documented temporarily without a stamp.
4.12. Payment instructions are executed in compliance with the sequence of funds write-off specified in Article 965 of the Civil Code of the Republic of Azerbaijan.
4.13. Time-periods of payment transactions with payment instructions are regulated by Article 959 of the Civil Code of the Republic of Azerbaijan.
4.14. The bank provides the customer with bank account statement(s) on the bank account payment transaction consistent with the bank account agreement or business turnover practices. This bank account statement contains at least the following:
4.14.1. name of the bank;
4.14.2. name of the account holder;
4.14.3. number of the payment transaction account;
4.14.4. date of the statement;
4.14.5. period covered by the statement;
4.14.6. input and output balance of the account;
4.14.7. amount per account transaction;
4.14.8 total turnover (date of the account debit and credit if the account statement is provided periodically);
4.14.9. account currency (code).
4.15. The bank account statement in a hard copy is certified by the signature and stamp of the bank’s responsible person. At customer’s request the bank statement, is attached with bank documents accompanying the payment transaction, being certified by signature and stamp of the bank’s responsible person.
4.16. For the purposes of these Guidelines the stamp on payment instructions reflects the name of the bank (branch or affiliate) and the date of seal at a minimum.
4.17. Reception and execution of electronic payment instructions, submission of bank account statements and other bank documents is implemented in line with the bank’s internal procedures in view of the requirements herein.
4.18. Use of electronic signature and verification of electronic signature in payment instructions is regulated by legal acts in line with the Law of the Republic of Azerbaijan on Electronic Signature and Electronic Document and this Law.

5. Settlements with payment orders

5.1. When settling with a payment order the bank (payer/issuer bank), at the payer’s request, transfers the amount of funds specified in the payment order to the bank account of the person (payee) determined by the payer in this or another bank (beneficiary bank) at the expense of his/her bank account funds.
5.2. The payment order (Annex # 1) is filled out by the payer.
5.3. Settlements with payment orders are made as follows:
5.3.1. the payment order is submitted to the issuing bank in 2 (two) copies (if submitted in a hard copy) at a minimum;
5.3.2. the payer bank’s responsible person verifies whether the payment order submitted is impeccable and the payer’s bank account contains the amount required for the payment transaction;
5.3.3. if the payment order is impeccable and the payer’s bank account has sufficient funds for the payment or the payer’s bank account is credited as per the bank account agreement, the payer bank’s responsible person certifies reception of the payment order in ‘Bank note on execution’ side with ‘received for execution’ stamp and his/her signature and return a copy to the payer;
5.3.4. if the payer bank rejects to receive the payment order for execution it states the reasons and returns the payment order to the payer;
5.3.5. the payer bank’s responsible person sends funds to the beneficiary bank in line with the payment order received for execution;
5.3.6. if both the payer and the payee are customers of the same bank the settlement between parties is made based on the intrabank accounting entry;
5.3.7. if requisites of the payment order received from the payer bank mismatch, the beneficiary bank’s responsible person verifies the payment order with his/her stamp and signature and submits to the payee;
5.3.8. if requisites of the payment order match, the beneficiary bank credits funds to the payee’s bank account;
5.3.9. if requisites of the payment order mismatch, the beneficiary bank sends a request to the payer bank no later than the next business day. If this request is not responded by the bank within 5 (five) business days the beneficiary bank returns the payment order funds to the payer bank the next business day specifying reasons;
5.3.10. the payer bank debits payment order funds returned to the payer’s bank account.
5.4. If the payer intends to execute the payment order in a time-period different from the one specified in Item 4.7 herein, the date of the payment transaction is included to the additional info section of the payment order.
5.5. If specified in the bank account agreement the payer bank makes payments periodically in favor of the payee based on the payment order. In this case the following information is noted down in the additional info section of the payment order:
5.5.1. date of the payment;
5.5.2. end date of periodical payments.
5.6. Duration of periodical payments may not exceed one year. After this period expires, the payer may submit a new payment order allowing for periodic payments.
5.7. The payer may submit a written order to the payer bank on suspension of periodical payments. In this case the payer bank’s responsible person verifies suspension with his/her signature and stamp noting down the words ‘execution suspended’ on the copy of the payment order in the bank.
5.8. If the payer makes any changes to the payment order on periodical payments a new payment order should be submitted to the bank.
5.9. The payer bank should immediately provide the payer with a written notification (confirmation of transfer of funds from the bank’s correspondent account in favor of the payee) on the execution of the payment order at his/her request in compliance with Article 975.3 of the Civil Code of the Republic of Azerbaijan.
5.10. If the intermediary is a bank, when making foreign currency denominated payments, bank’s name and/or SWIFT BIC code is included in the ‘Intermediary bank’ sub-section of section B1.
5.11. The payer specifies requisites of the State Treasury Agency of the Finance Ministry of the Republic of Azerbaijan in section B1, requisites of the recipient budget organization or the off-budget state fund in section B2, the budget classification code in section D3, and the budget level code in section D4 in order to make payments of budget and off-budget state funds.

6. Settlements with direct debits

6.1. When settling with direct debits the payer/issuing bank, on the basis of the payer’s advance order, makes a payment on the direct debit submitted by the payee in his/her favor.
6.2. The payer bank receives the order on funds write-off from the payer’s bank account if necessary information enabling identification of the payee eligible to make this claim is specified in that order.
6.3. The payer’s order should be signed by person(s) eligible to dispose of a bank account and verified with a stamp when appropriate.
6.4. The payer notes in the advance order submitted to the payer bank whether payments on direct debits submitted by the payee are made one-off or periodically, as well as the payment amount.
6.5. The payer submits the order on execution of the direct debit to the payer bank no later than 2 (two) business days prior to the payment date specified in the agreement signed with the payee.
6.6. The payer may withdraw the order on execution of direct debit payments no later than the end of the business day prior to the day he/she decided for funds write-off from the bank account.
6.7. The payee submits the direct debit to the payer bank via a beneficiary bank or directly.
6.8. The direct debit (Annex #2) is filled out by the payee.
6.9. If the direct debit is submitted to the payer bank via a beneficiary bank, settlements are conducted as follows:
6.9.1. the payee submits the direct debit to the beneficiary bank in 3 (three) copies (if submitted in a hard copy) at a minimum;
6.9.2. the beneficiary bank’s responsible person verifies the impeccability of the submitted direct debit;
6.9.3. if the direct debit is impeccable, the beneficiary bank’s responsible person verifies reception of the direct debit in ‘Bank note on execution’ side with ‘received for execution’ stamp and his/her signature and returns a copy to the payee. A copy of the direct debit is sent to the payer bank, another copy kept with the beneficiary bank;
6.9.4. if the direct debit is not impeccable, the beneficiary bank returns it to the payee specifying reasons;
6.9.5. the payer bank returns the direct debit to the beneficiary bank within the next operation day due to the lack or withdrawal of the payer’s order on execution of the direct debit obtained from the beneficiary bank, or defectiveness of the direct debit, specifying grounds;
6.9.6. the payer bank makes a payment if there are sufficient funds in the payer’s bank account on the direct debit received for execution;
6.9.7. the beneficiary bank debits funds received from the payer bank to the payee’s bank account;
6.9.8. in the event there are no funds in the payer’s bank account the payer bank notifies the payer no later than the business day, following the day, the direct debit is received for execution. If the required funds are not credited to the bank account within the next transaction day, the payer bank returns the direct debit to the beneficiary bank specifying reasons;
6.9.9. the beneficiary bank no later than the next business day notifies the payee on returned funds as per Item 6.9.5 herein and makes a relevant note on the copy of the direct debit it holds.
6.10. In case the direct debit is submitted directly to the payer bank by the payee, settlements are conducted as follows:
6.10.1. the direct debit is submitted to the payer bank by the payee in 2 (two) copies (if submitted in a hard copy) at a minimum. In this case the section for the stamp and signature of the beneficiary bank’s responsible person is left empty;
6.10.2. the payer bank’s responsible person verifies impeccability of the submitted direct debit;
6.10.3. if the direct debit is not impeccable, the payer bank’s responsible person verifies reception of the direct debit in ‘Bank note on execution’ side with ‘received for execution’ stamp and his/her signature and return a copy to the payee. Another copy of the direct debit is kept with the payer bank for execution;
6.10.4. the payer bank returns the direct debit to the payee within the next operation day due to the lack or withdrawal of the payer’s order, or defectiveness of the direct debit, specifying grounds;
6.10.5. Items 6.9.6-6.9.8 herein apply accordingly.
6.11. The payer bank’s responsible person, at the payer’s request, submits a copy of the direct debit certified by his/her signature and stamp to the payer.

7. Settlements with encashment orders

7.1. When settling with encashment orders the bank (executing bank), servicing the bank account of the debtor (payer), makes payment from the payer’s bank account unconditionally (without the payer’s order) in line with execution documents added mandatorily to encashment orders by executive bodies.
7.2. Encashment documents on forced execution of orders of judiciary or other authorities are submitted to the bank by executive officers.
7.3. Execution documents providing grounds for undisputed write-off of funds from the payer’s bank account at execution officers’ requests are defined under Article 6 of the Law of the Republic of Azerbaijan on Execution.
7.4. The encashment order (Annex #3) is prepared in 3 (three) copies (if in a hard copy), each copy is signed and stamped. The name of the entity taking a decision on undisputed write-off of funds, the name, date and number of the attached execution documents are included in the ‘Purpose of Payment’ section of the encashment order.
7.5. The execution officer attaches a copy of the execution verified by head of the execution entity with the encashment document.
7.6. If the encashment order is not impeccable, the bank’s responsible person receives it for execution immediately, if not and/or if a copy of the execution document is not attached, he/she returns the order to the execution officers specifying grounds in the ‘Executing bank’s notes’ section. One of the copies constitutes grounds for write-off of funds from the payer’s bank account and kept with the bank. The second one is verified with the signature and stamp of the executing bank’s responsible person as an undertaking on reception of the encashment order for execution and returned to the execution officer. The third copy is submitted to the payer upon execution of the order.
7.7. The claim on the execution document, the execution officer submits along with the encashment order, as well as on execution documents forwarded to the payer’s foreign currency-denominated bank account is met within the period and order set by Articles 5 and 46 of the Law of the Republic of Azerbaijan on Execution.
7.8. In the event of the lack or shortage of funds in the payer’s bank account, the encashment order is kept with the executing bank within 2 (two) months from the day it is received for execution. The executing bank no later than the next 2 (two) business days provides the execution officer with a relevant written notification. Unless the encashment order is executed fully or in part within this period the executing bank’s responsible person notes this down on the execution document and submits it to the execution officer no later than 2 (two) business days upon the end of the period, verifying with his/her signature and stamp.
7.9. If the encashment order is executed partly, executing bank’s responsible person noted down the date and amount of the partial payment, and the payment balance on relevant sections of its copy in the bank, and verifies with his/her signature and stamp.
7.10. If the encashment order is executed fully, the executing bank’s responsible person notes this down on the execution document, verifies with his/her signature and stamp and returns the document to the execution officer, leaving a copy in the bank.

8. Settlements with orders of tax and customs authorities

8.1. When settling with orders of the State Social Protection Fund, the bank (executing bank) servicing the debtor’s (payer’s) bank account shall collect debts on compulsory public social security charges and financial sanctions on behalf of the Fund in line with the execution document – prescription of the State Social Protection Fund as defined in Para 14 of the Law of the Republic of Azerbaijan on Social Insurance.
8.2. The order is submitted to the executing bank in line with the form confirmed by the Ministry of Labour and Social Protection of the Population of the Republic of Azerbaijan.
8.3. The order is prepared in 4 (four) copies (if in a hard copy), each copy being verified by the signature and stamp of the State Social Protection Fund’s authorized official. If the order is impeccable, the bank’s responsible person shall immediately receive it for execution, if not, return to the State Social Protection Fund indicating reasons on the relevant field of the document.
8.4. One of the copies constitutes grounds to write off the funds of the payer’s bank account and kept with the executing bank. The second copy shall be returned to the State Social Protection Fund being verified with the signature and stamp of the executing bank’s responsible person as an undertaking on reception of the order for execution. The bank’s responsible person shall submit a copy of the order with relevant notes to the State Social Protection Fund as defined in Item 8.6 herein. The fourth copy shall be kept with the payer.
8.5. In the event of the lack or shortage of funds in the payer’s bank account the order of the State Social Protection Fund is kept with the bank within 90 (ninety) days upon being received for execution. The executing bank shall within the next 2 (two) business days notify the Fund in writing.
8.6. Executed, non-executed or partially executed orders are submitted to the State Social Protection Fund no later than 2 (two) business days upon the end of the period specified in Item 8.5 herein with relevant notes on it, made by the bank’s responsible person, being verified with his/her signature and stamp.
8.7. If withdrawn by the State Social Protection Fund, a copy of the order is kept with the bank with a relevant note made on it. In the event of closure of the payer’s bank account, a relevant note is made on the order as specified in Item 8.6 herein and the order is submitted to the State Social Protection Fund no later than 2 (two) business days.
8.8. When settling with orders of tax authorities, the bank servicing the debtor’s (payer’s) bank account, in line with the tax authority’s execution (payment) instruction, freezes the payer’s funds in the national and foreign currencies in his/her bank account on taxes, mandatory state social insurance, unemployment insurance, mandatory medical insurance fees, interests and imposed financial sanctions or directs those funds from the payer’s bank account to relevantly the state budget or the State Social Protection Fund under the Ministry of Labor and Social Protection of the Population, the Unemployment Insurance Fund and the Mandatory medical Insurance Fund according to Article 65 of the Tax Code of the Republic of Azerbaijan
8.9. The order is submitted to the executing bank in compliance with the form confirmed by the State Tax Service under the Ministry of Economy the Republic of Azerbaijan
8.10. The order is prepared in 4 (four) copies (if in a hard copy), each copy being verified with the signature and stamp of the tax authority’s authorized official. If the order is impeccable, the bank’s responsible person immediately receives it for execution, or returns to the tax authority specifying reasons on the relevant section of the order
8.11. One of the copies constitutes grounds to write off funds of the payer’s bank account and is kept with the bank. The second copy is returned to the tax authority being verified with the signature and stamp of the executing bank’s responsible person as an undertaking on reception of the order for execution. Upon full execution of the order the bank’s responsible person makes relevant notes on the third copy of the order, certifies with his/her signature and stamp and submits to the tax authority. The fourth copy is kept with the payer.
8.12. If the order is withdrawn by the tax authority or the payer’s bank account is closed, the document not executed or partially executed up to that time is submitted to the tax authority as specified in Item 8.11 herein.
8.13. Customs debts not paid in due course in compliance with Article 249.3 of the Customs Code of the Republic of Azerbaijan are deducted from payer’s bank accounts as per the execution (payment) instruction, in line with procedures on receiving tax debts to the state budget.
8.14. Other issues on electronic submission, reception for execution and execution of orders of tax and customs authorities are determined by mutual agreement between relevant public authorities and banks.

9. Money remittances

9.1. Money remittances are made in national and foreign currencies.
9.2. Money remittances should not be related to any entrepreneurial activities, except for the case specified in Item 9.5 herein. In the event of other exceptions to the procedures of the system, money remittances are made taking the exceptions into account.
9.3. When conducting money remittances, the bank informs the payer on the following at a minimum:
9.3.1. name of the system;
9.3.2. maximum execution period for the money remittance;
9.3.3. amount to be received by the payee;
9.3.4. if applied, the service fee;
9.3.5. exchange rate applied when conducting an exchange operation via the system;
9.3.6. procedure for redemption of the money remittances (by notifying the necessity for submission of contacts in order to ensure awareness specified in Items 11.3 and 11.4 herein).
9.4. When the bank makes a money remittance the bank’s responsible person verifies the document, confirming the money remittance with his/her signature and stamp and submits to the payer. A copy of that document signed by the payer is kept with the bank. Except for the money remittances shown in Item 10.1 herein the document should contain the following information:
9.4.1. money remittances code provided by the system;
9.4.2. date of the money remittance;
9.4.3. name of the bank conducting the money remittance;
9.4.4. name of the payer;
9.4.5. address of the payer;
9.4.6. name, series and number of the payer’s ID card;
9.4.7. name of the payee;
9.4.8. if used, number of the bank account opened in the name of the payer or payee;
9.4.9. purpose of the money remittance;
9.4.10. country/city or other administrative-territorial unit, money is transferred to;
9.4.11. amount of the money remittance;
9.4.12. currency of the money remittances;
9.4.13. exchange rate applied when conducting an exchange operation via the system.
9.5. When paying funds on money remittances to the budget and off-budget public funds, the following information is specified on the money remittances document along with the data shown in sub-items 9.4.1-9.4.5 and 9.4.5 herein:
9.5.1. budget classification code;
9.5.2. budget level code;
9.5.3. budget organization’s code;
9.5.4. if the payer is a legal entity or a private entrepreneur:
9.5.4.1. name;
9.5.4.2. TIN.
9.6. The money remittance is deemed completed when:
9.6.1. funds are credited to the payer’s bank account;
9.6.2. the payee without a bank account is provided with cash.
9.7. Cash funds on money remittances is paid out to the payee without a bank account based on his/ her ID card.
9.8. The responsible person of the recipient bank, who receives money remittances submits the document confirming completion of the money remittances to the payee, verifying with his/her signature and stamp. A copy of the document signed by the payee is kept with the bank. The following information is also specified on the document along with the information shown in sub-items 9.4.1-9.4.4, 9.4.7-9.4.8 and 9.4.10-9.4.13 herein:
9.8.1. name, series and number of the payee’s ID card;
9.8.2. address of the payee;
9.8.3. name of the bank receiving the money remittance.
9.9. The bank specifies additional information identifying the payer, payee and money remittances on money remittances documents along with the data defined herein in compliance with the requirements of the system.

10. Money remittances via payment terminals

10.1. Banks submit the following information confirming money remittances conducted through payment terminals to the payer in hard and soft copies:
10.1.1. number and date of the document;
10.1.2. name of the bank conducting the money remittance;
10.1.3. name of the system (if made by the system);
10.1.4. payer’s identification information (subscription code or series and number of the ID card, and full name of the payer, or number of the bank account money transferred to or requisites of the payment card used in line with the security requirements);
10.1.5. purpose of the money remittance;
10.1.6. date of the money remittance;
10.1.7. amount of the money remittance;
10.1.8. currency of the money remittance;
10.1.9. if charged, the service fee;
10.1.10. country/city or other administrative-territorial unit the money remittance is made to;
10.1.11. name of the payee.
10.2. When making payments to the budget and off-budget public funds, requisites of the budget organization or off budget public fund, classification of budget revenues, the budget level code are indicated on the document confirming money remittances.
10.3. Banks may set additional payer identification requirements on money remittances conducted through payment terminals.

11. Redemption of money remittances

11.1. If the information in the money remittances document is found to be erroneous, the payee’s bank returns the money remittances to the payer’s bank no later than the next operation day, reasons being specified.
11.2. If the payee without a bank account does not acquire cash funds on the money remittances conducted within 30 (thirty) calendar days from the day of remittances, the money remittances are returned to the payer’s bank within the next operation day, unless another period is specified in the system procedures.
11.3. In the event of redemption of the money remittance the bank notifies the payer within 3 (three) business days in line with Items 11.1 and 11.2 herein.
11.4. The payer is notified with the contacts he/she submitted to the bank in advance.
11.5. In the event of redemption of the money remittance made from the payer’s bank account the bank debits those funds to the payer’s bank account.