Azerbaijan’s Central Bank clarifies measures against law-breeching financial organizations

Economy Materials 3 August 2023 12:34 (UTC +04:00)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, August 3. The Central Bank of Azerbaijan (CBA) takes measures against financial organizations violating the country's legislation, Trend reports.

Thus, the CBA has banned the operations of a Russian bank, operator, and settlement center of the Unistream payment system on the territory of Azerbaijan.

According to the CBA, in order to ensure compliance with national legislation by financial market participants, the Central Bank constantly monitors money transfer systems and prohibits the activities of institutions that do not meet the requirements.

"In connection with the revealed violations of the activities of financial organizations on the territory of Azerbaijan, the activities of such money transfer systems as Unistream, Migom Bank, Leader, Fast Mail, Interexpress, RIA Money Transfer, Intelexpress, and Sigue Money Transfer were banned," the CBA said.

Earlier, it became known about the acceptance and sending of payments under the Unistream system in the Azerbaijani cities of Khankendi and Kelbajar.