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Contact QIWI Bank halts money transfers to Azerbaijan

Economy Materials 21 February 2024 18:41 (UTC +04:00)
Contact QIWI Bank halts money transfers to Azerbaijan
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, February 21. Money transfers through the Contact QIWI Bank system to Azerbaijan have been halted since today, the country's Unibank told Trend.

This information was also confirmed by the local Xalq Bank.

“Money transfers through the Contact system are suspended due to impossible technical implementation,” Xalq Bank said.

To note, the Central Bank of Russia has revoked the license of QIWI Bank.

"The Bank of Russia issued order № OD-266 on February 21, 2024, revoking the credit organization QIWI Bank Joint Stock Company's (QIWI Bank JSC) banking license (reg. № 2241, Moscow). The Bank of Russia made such a decision in accordance with paragraphs 6 and 6.1 of Part 1 of Article 20 of Federal Law "On Banks and Banking Activities," guided by the fact that the bank violated federal laws regulating banking activities and Bank of Russia regulations, for which the regulator imposed measures on it five times in the last year, including two times imposing restrictions on certain operations. Furthermore, numerous incidents of banks opening QIWI-purses using individuals' personal data without their knowledge and conducting activities generated substantial risks for residents," the statement of the Central Bank of Russia reads.

Citing the Russian media, the payment system Contact (owned by QIWI Group) and its operator, QIWI Bank, ceased operations following the revocation of the credit institution's license, as did replenishment and transfers via QIWI-wallets.

The Contact system is used to send money abroad.

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