22 April 2022, Baku: The Central Bank always focuses on the development of digital banking services and formation of the related advanced legal framework. The Central Bank revised and approved the ‘Regulation on opening, maintaining and closing bank accounts’ (Regulation) in light of today’s trends to improve the e-banking legal base and support the application of innovative solutions.

The improved Regulation both expands the access to remote bank services in the first place and provides for bank account opening digitally. The revised Regulation removes limits on the amounts implied on remote bank account opening, and allows a new method of confirmation – the use of strengthened customer authentication, along with the strengthened electronic signature. Resident individuals already can open bank accounts remotely with the strengthened customer authentication and video call, which makes bank services more available and creates conditions for the population to use banking services in unbanked areas.

However, to more effectively manage e-banking risks the possibility of taking risk-oriented measures by banks providing such services to customers when opening accounts remotely is envisaged.

For the full text of the Regulation, please go to the official website of the Central Bank of the Republic of Azerbaijan (https://www.cbar.az/page-217/regulations) and the website of the Single Electronic Base of Legal Acts of the Ministry of Justice of the Republic of Azerbaijan (https://e-qanun.az/framework/49456).