Regulatory Alerts2024-04-15
Regulation on Test Purchase of Financial Services (Products)
The Central Bank of the Republic of Azerbaijan issues this regulation to establish a standardized procedure for conducting unannounced test purchases of financial services and products by supervised entities, ensuring regulatory compliance and consumer protection. The framework mandates real-time testing across multiple communication channels and permits qualified third parties to act as buyers while maintaining confidentiality. Upon identifying service deficiencies, the Central Bank issues electronic notifications requiring written explanations within three working days before enforcing binding corrective instructions or additional supervisory measures.
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