Regulatory Alerts2025-06-04
Law of the Republic of Azerbaijan on Payment Services and Payment Systems
The Republic of Azerbaijan enacted this legislation to establish the legal framework governing payment services, systems, and electronic money institutions under Central Bank supervision. The law mandates licensing or registration for all supervised entities, defines core payment services such as credit transfers, direct debits, and account information services, and sets minimum capital and own funds requirements. It further ensures fund security through segregated accounts or civil liability insurance, standardizes accounting and independent auditing obligations, and regulates the activities of payment agents and foreign branches.
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