CBA Updates Customer Compliance Rules For Electronic Fund Transfers
Date
1/13/2025 7:05:51 AM
(MENAFN- AzerNews)
Nazrin Abdul
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The "Rule on the Application of Customer Compliance Measures for
Electronic Fund Transfers" has been updated, following Decision No.
09/1 issued by the Central bank of Azerbaijan (CBA) Board on
February 22, 2023, Azernews reports, citing the
CBA.
CBA Chairman Taleh Kazimov has signed the new resolution, which
impacts both cross-border and domestic electronic transfers. These
measures apply to payment organizations, electronic money
organizations, local branches of foreign payment organizations,
local branches of foreign electronic money organizations, and the
national postal operator.
The updated rule emphasizes that intermediary financial
institutions must implement measures that ensure the smooth
execution of transactions, even when the necessary information is
incomplete in the transfer chain. These institutions are now
required to establish risk-based policies and procedures to manage
electronic transfers with missing or incomplete information. This
includes:
- Refusal or suspension of transfers when required information
is absent.
- Appropriate actions based on the institution's risk appetite,
including reviewing relationships with the relevant financial
institution involved in the transfer.
The Department of Legal Assurance for Financial Markets has been
tasked with submitting this Decision to the Ministry of Justice for
inclusion in the State Register of Legal Acts within three
days.
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