Regulatory Alerts2022-10-07
Regulations on Issuance of Permits for and Oversight of the Processing Activity
The Central Bank of the Republic of Azerbaijan issued Resolution 24/2 to establish permit issuance and oversight rules for service centers providing payment card processing activities. The regulation mandates comprehensive IT and physical security standards, including high-security zones, network protectors, backup centers, and 24-hour surveillance with seismic and motion detectors. It further requires annual self-assessment and financial reporting by April 15, immediate emergency notifications, and outlines specific conditions for permit termination or revocation based on compliance failures.
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