BAKU, Azerbaijan, December 25. Amendments have been made to the Law on Banks in connection with the Law on Payment Services and Payment Systems recently adopted in Azerbaijan, Trend reports.
President of Ilham Aliyev signed a decree on amendments to certain laws of the Republic of Azerbaijan in connection with the implementation of Law No. 987-VIQ "On payment services and payment systems" dated July 14, 2023.
Article 38.3 of the law has been abolished. According to this article, the Central Bank of Azerbaijan (CBA) may establish minimum requirements concerning the reliability and security of automated settlement and money transfer systems used by banks, as well as protection of banking information. The competencies continue to remain with the CBA, as they are reflected in Article 48.3.4 of the Law on the Central Bank.
In addition, banks perform payment operations and settlements according to the Civil Code of the Republic of Azerbaijan, the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems", as well as regulatory acts adopted by the Central Bank following this Code and law, banking practices and agreements.
According to another amendment, banks will have to notify the payer about the execution of the order in all cases.
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