Azerbaijan is introducing stricter licensing requirements for local branches of foreign banks operating within the country.
According to Report, the proposed amendments to the "Law on Banks" were discussed during today's meeting of the Milli Majlis Committee on Legal Policy and State Building. The changes aim to bring Azerbaijan's banking regulations in line with international best practices and standards.
Under the new provisions, foreign banks seeking to establish or maintain local branches in Azerbaijan will be required to provide detailed information about their beneficiary owners. The format and specifics of this disclosure will be determined by the Central Bank of Azerbaijan, the country's primary financial regulatory authority.
