BAKU: The Central Bank of Azerbaijan has issued a crucial reminder to payment market participants regarding compliance with licensing requirements, emphasizing the necessity for payment and e-money organizations to obtain a license to operate within the country. This initiative is in accordance with the Law of the Republic of Azerbaijan ‘On Payment Services and Payment Systems’.

According to Trend News Agency, the Central Bank maintains a publicly accessible register of licensed payment and e-money organizations, as stipulated under Article 65.1 of the aforementioned law. This register allows individuals and companies to verify the licensing status of any organization through the Central Bank’s official website, thus ensuring transparency and regulatory compliance in the financial sector.

Furthermore, Article 51.3 of the Law of the Republic of Azerbaijan ‘On the Central Bank of the Republic of Azerbaijan’ empowers the Central Bank to take action when unauthorized activities are detected in the financial mar
kets. In such cases, the Central Bank issues a notice demanding the immediate cessation of advertising or distribution of unlicensed activities and services. This information is then disseminated via the official website and mass media, while relevant state bodies are notified to enforce legislative measures.

The Central Bank also encourages the public to report any suspected illegal activities to their contact platform, assuring the confidentiality of the informant’s identity. For further guidance, the Central Bank has made available the ‘Instruction on informing the Central Bank about payment service providers operating illegally without obtaining a license’ on their website.