04.04.2024 10:20

Cabinet of Ministers of the Republic of Azerbaijan Amends List of Restrictions and Special Requirements for High-Risk Jurisdictions

Baku, Azerbaijan - April 4, 2024 - The Cabinet of Ministers of the Republic of Azerbaijan announced on 28th of March the adoption of Decision No. 182, marking a significant update in regulations concerning high-risk jurisdictions. This decision comes as part of the ongoing efforts to ensure compliance with the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems".

The key amendment revolves around the "List of Applicable Restrictions and Special Requirements in Relation to High-Risk Jurisdictions".

Under the revised regulations, stakeholders are granted new directives regarding transactions involving high-risk jurisdictions and individuals residing therein. Specifically, transactions with persons domiciled or conducting business within high-risk jurisdictions, as well as those holding accounts in financial institutions registered within these areas, may now be subject to heightened scrutiny or restrictions.

This amendment reflects the government's commitment to enhancing financial oversight and security measures, particularly in regions deemed as high-risk. By aligning with international standards and best practices, Azerbaijan aims to bolster the integrity of its payment services and systems while mitigating potential risks associated with high-risk zones.

For the complete text of Decision No. 182, please visit (bura linki əlavə et Cabminnen).

04-04-2024 | 10:20
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