BAKU, Azerbaijan, May 16. Payment systems and e-money institutions should provide reports, Director General of the Central Bank of Azerbaijan (CBA) Togrul Aliyev said during a panel session at the Fintex Summit 2024, Trend reports.
"Payment organizations, e-money institutions, and providers of virtual assets are required to comply with the new legislation. In recent years, we've introduced new legislation on payment systems and developed various regulations," he said.
Aliyev noted that over 20 fintech organizations have applied to the Central Bank for licensing, and their applications are presently being reviewed.
"As commonly known, oversight commences with licensing. The Central Bank ensures through its systems, internal controls, and other mechanisms that terrorist financing and money laundering activities are prevented. The Central Bank has specific requirements for payment systems and e-money institutions," he added.
Fintex Summit 2024, spaning from May 15 through May 15, is dedicated to "New Trends in Banking and Finance Ecosystem: Innovative Solutions, FinTech, and Security."
During the initial day of the summit, discussions revolved around digitalization processes in Azerbaijan, the payment industry's future, artificial intelligence implementation, the advancement of cashless transactions, fintech sector growth in the region, and digital currency utilization.
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