BAKU, Azerbaijan, April 8. The Central Bank of Azerbaijan (CBA) will develop a legal framework for the e-KYC (electronic Know Your Customer), Head of the CBA's IT department Sahib Hasanov told Trend.
According to him, the CBA developed and approved the 'Digital Payments Strategy for 2021-2023' in 2021.
"Within this strategy, it is scheduled to establish a centralized e-KYC system to effectively ensure financial transactions in the banking sector. The e-KYC system is aimed at preventing money laundering, terrorist financing and tax evasion. It's also planned to develop an appropriate regulatory framework for the e-KYC system, determine platform management tools, classify data sources, as well as prepare specifications for the platform development. The e-KYC system is expected to be launched in 2023," Hasanov stated.
He added that the e-KYC system would speed up banking and decision-making processes.
"The project will also allow to control the reliability of the real-time information and receive data from public resources in the process of customer identification. The CBA studied the international experience of creating the E-KYC system, prepared the initial concept and discussed it with the banks included in the relevant expert group of the Azerbaijan Banks Association," said the head of the department.
As Hasanov noted, in order to accelerate the financial technology deployment in the country, the Central Bank constantly monitors international experience and pays special attention to attracting innovative solutions to Azerbaijan.