Central bank holds another awareness-raising event on regulatory requirements

08-02-2024

February 8, 2024, Baku:  One of the activities envisaged under the "Financial Sector Development Strategy 2024-2026" strategic initiative to create a favorable market environment for payment service providers is organizing training and seminars for payment service providers to ensure regulatory compliance. In this context, the Central Bank presented to the members of the Azerbaijan Fintech Association (AzFina) the “Regulation on the organization and implementation of activities by payment and electronic money institutions”, approved on January 10, 2024.

During the presentation, the representatives of AzFina were informed about the minimum charter and total capital requirements for payment and e-money organizations, the action program and business plan for the provision of payment services, internal control and risk management systems, security measures for the provision of payment services, business continuity and contingency recovery plan, lending procedures, foreign exchange operations, information and reporting requirements on operational and security incidents. During the meeting, the questions of AzFina representatives regarding the requirements of the Regulation were answered and explanations were given based on practical examples.

It should be noted that the Central Bank will continue to organize trainings and seminars for payment service providers in order to raise awareness of new legislative requirements.