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Information on notifying the Central Bank about payment and electronic money institutions operating illegally
29-10-2024
Baku, October 29, 2024: According to the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems", payment and e-money institutions operating in the country must obtain a corresponding license from the Central Bank of the Republic of Azerbaijan. According to Article 65.1 of the Law, the Central Bank keeps a register of licensed payment and e-money institutions that is open to the public. Thus, the existence of a license for the relevant type of activity of any person can be checked from the list of payment and electronic money institutions published on the official website of the Central Bank (https://www.cbar.az/page-853/electronic-money-institutions).
In accordance with Article 51.3 of the Law of the Republic of Azerbaijan "On the Central Bank of the Republic of Azerbaijan", if the Central Bank finds out that an activity, which is subject to a license (permit), is being carried out in the financial markets without a corresponding license (permit), it shall send a notice to the persons engaged in such activity with a request for immediate cessation of their activity and advertising of provided services (products) or any other form of broadcasting. The Central Bank publishes such information on its official website and in the media and applies to the relevant state body (institution) to take the measures provided for by law.
In this regard, the Central Bank requests to be notified in case of detecting persons illegally operating as payment or electronic money institutions without a license (https://contact.e-cbar.az/). The confidentiality of the informant is guaranteed by the Central Bank.
The "Guidance on notifying the Central Bank about payment and e-money institutions operating illegally without a license" can be found by clicking on the following link: