Regulatory Alerts2024-05-07
Regulation on the Organization and Implementation of Activities by Payment System Operators
The Central Bank of the Republic of Azerbaijan issued this regulation to establish comprehensive operational, financial, and security standards for licensed payment system operators. It mandates a minimum authorized capital of one million manats, requires detailed three-year business plans with financial forecasts, and enforces robust internal control and risk management frameworks that include biannual stress tests. Furthermore, the regulation standardizes anti-fraud policies, sensitive data protection protocols, and strict reporting deadlines to ensure system stability and regulatory oversight.
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