Lawyers

Lawyers have corresponding rights and duties in accordance with the Law of the Republic of Azerbaijan “On the Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism» (hereinafter – Law).

Lawyers have the following rights:

Exemption from any liability for breach of any restriction on disclosure of the bank or other legally protected secrecy, as well as causing the material and moral damage emerged as a result of the disclosure of information, when the information on the transaction which is subject to monitoring to the Financial Intelligence Unit (hereinafter – FIU) is submitted to the FIU in good faith and in the manner defined by this Law;

To be informed about the results achieved as a result of submission of information to FIU.

Lawyers have the following duties:

identification and verification of customers and beneficial owners;

acquiring of information on the purpose and essence of business relationships from customer and regular update of the information;

application of additional identification measures on high-risk transactions;

taking measures for identification of politically exposed persons or beneficiaries of foreign States;

identification of purpose and essence of all complex, large-scope, unusual, as well as clearly non-economic or illegal transactions and development of written report on them;

storage of relevant documentation for at least five years;

when required by law, development and introduction of internal control systems;

Submission of information to FIU related to the following operations and cases:

• cash transactions equal to or more than 20000 manat;
• irrespective of the amount, availability of suspicious transactions or transactions creating sufficient grounds for such suspicions concerning criminally obtained funds or other property and financing of terrorism;
• any transactions with the funds or other property associated with the citizens of the country (territory) determined by the article 7.3 of this Law, with the persons registered or that, who has a residency or permanent business in this country (territory), with the persons who has a bank account in Lawyers registered in this country (territory);
• irrespective of the amount, any monetary and other property transactions of politically exposed persons of foreign States;
• irrespective of the amount, detection of previously submitted incorrect identification information on a customer or beneficiary;
• if accurate identification of parties of a transaction, in the manner established by law, is not possible;
• transactions with the persons included in certain lists based on the relevant UN resolutions, as well as the legislation of the Republic of Azerbaijan and the international agreements it is signatory to.