Azerbaijan's Central Bank Approves Procedure For New Customer Authentication Implementation

2024-04-05 06:08:24

(MENAFN- AzerNews)

Ulviyya Shahin Read more

The Central Bank of Azerbaijan (CBA) has approved the "Procedurefor the Implementation of Enhanced Customer Authentication."

Azernews reports that the decision was signed by the Chairman ofthe Central Bank's Management Board, Taleh Kazimov.

This regulation is based on Article 35 of the Republic ofAzerbaijan Law "On Payment Services and Payment Systems" andspecifies the cases where enhanced customer authentication (ECA) isnot required and outlines the requirements for ECA when using theservices of payment service providers.

According to the regulation, the compliance of payment serviceproviders' activities with the requirements stipulated in thisprocedure must be audited by the internal audit service at leastonce a year, and the audit report must be submitted to the CentralBank no later than January 15th each year. The audit report shouldassess compliance with the requirements of this procedure,calculate fraud rates, and reflect compliance with therequirements.

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