Uninsured deposit

The following deposits are not insured by the Law of the Republic of Azerbaijan "On Deposit Insurance" and compensation is not paid in case of an insurance event in the member banks  

a) deposits accepted by the bank’s branches outside the Republic of Azerbaijan;

b) deposits as defined by the applicable laws in connection with suspicious transactions involving laundering of illegal revenues and terrorism financing;

c) deposits originated as a result of a committed crime, as confirmed by a court decision;

d) attached deposits;

e) deposits accepted at an annual interest rate exceeding the limit established in accordance with Article 8.1.20 of this Law on the date of acception;

f) money in bank accounts opened by individuals in connection with the entrepreneurial activities;

g) individuals’ money managed by a bank on trust basis;

The deposits of the following depositors are not insured by the Law of the Republic of Azerbaijan "On Deposit Insurance" and compensation is not paid for them in case of an insurance event in the member banks: 

a) members of the bank’s Supervisory Board, Audit Committee, Managing Board and their immediate family (spouse, parents and children, including adopted children, brothers and sisters);

b) persons who hold 10 per cent or more of the bank’s voting shares and their immediate family (spouse, parents and children, including adopted children, brothers and sisters);

c) external auditors who audited the bank in the calendar year preceding the date the payment of compensation was first announced.