Regulatory Alerts2024-02-01
Regulation on the Organization of Work with Payment Agents
The Central Bank of the Republic of Azerbaijan issued Resolution № 02/1 to establish comprehensive requirements for financial institutions engaging domestic payment agents. The regulation mandates that registered agents operate under formal agreements, provide only domestic services without charging additional fees, and maintain strict compliance through continuous internal monitoring. Institutions must ensure real-time encrypted data transmission, transparent customer disclosures of fees and contact details, robust complaint handling, and clear liability frameworks for all agent-conducted transactions.
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