BAKU: Under the Law of the Republic of Azerbaijan ‘On Payment Services and Payment Systems’, payment organizations and e-money organizations operating in the country must obtain a license from the Central Bank of the Republic of Azerbaijan, the statement of Central Bank of the of Azerbaijan said, Trend reports.
Meanwhile, under Article 65.1 of this law, the Central Bank compiles a register of licensed payment organizations and e-money organizations open to the public. Thus, the availability of any person’s license for the relevant type of activity can be checked in the list of organizations published on the official website of the Central Bank (https://www.cbar.az/page-853/electronic-money-institutions).
Following Article 51.3 of the Law of the Republic of Azerbaijan ‘On the Central Bank of the Republic of Azerbaijan’, when the Central Bank discovers the fact of carrying out activities requiring a license (permit) in the financial markets without the appropriate license (permit), it shall provide the person
s engaged in such activities with a notice demanding the immediate cessation of advertising or distribution of this activity and the provided service (product) in any other form. The Central Bank publicizes this information on its official website and in mass media, as well as applies it to the relevant state body (institution) for taking measures defined by the legislation.
Per Article 51.3 of the Law of the Republic of Azerbaijan ‘On the Central Bank of the Republic of Azerbaijan’, when the Central Bank detects the fact of carrying out activities requiring a license (permission) in the financial markets without an appropriate license (permission), it shall provide a notification to the persons engaged in such activities, demanding the immediate cessation of advertising or distribution of this activity and the provided service (product) in any other form. The Central Bank publishes information about this on its official website and in mass media, as well as applies to the relevant state body (institution) f
or taking measures defined by the legislation.
In this regard, the CBA requests to provide information about such illegal activities to the Central Bank (https://contact.e-cbar.az/) in case of detection of such illegal activities. Confidentiality of information about the person providing this data is guaranteed by the Central Bank.
The ‘Instruction on informing the Central Bank about payment service providers operating illegally without obtaining a license’ is available at the link below:
Source: Trend News Agency