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RESOLUTION OF BOARD OF CENTRAL BANK OF THE AZERBAIJAN REPUBLIC

of January 17, 2024 No. 02/1

About approval of "Procedure for the organization of work with payment agents"

Based on article 9.6 of the Law of the Azerbaijan Republic "About payment services and payment systems" and article 22.1.17 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" the Board of the Central bank of the Azerbaijan Republic DECIDES:

1. Approve "Procedure for the organization of work with payment agents" it (is applied).

2. Charge to Legal department (Rena Melikova) in 3-day time to provide submission of this Resolution to the Ministry of Justice of the Azerbaijan Republic for entering into the State register of legal acts of the Azerbaijan Republic.

Approved by the Resolution of Board of the Central bank of the Azerbaijan Republic of January 17, 2024 , No. 02/1

Procedure for the organization of work with payment agents

1. General provisions

1.1. This Procedure is developed according to article 9 of the Law of the Azerbaijan Republic "About payment services and payment systems" (further - the Law) and determines requirements to attraction by bank, payment institute and the organization of electronic money (further - the organization) in the territory of the Azerbaijan Republic the payment agent (further - the agent), to rendering payment services by the agent, including to conditions of the agreement signed with the agent.

1.2. The organization can involve the agent within the country to rendering the services provided by this Procedure. In this case the organization bears complete responsibility according to the Law for the activities performed by the corresponding services agents involved with it.

1.3. Payment services cannot be rendered by the agent without entering into the register which conducts the Central bank of the Azerbaijan Republic (further - the Central bank) according to the procedure according to the Law.

1.4. The agent cannot require additional fee for service over payment for rendering the payment service applied by the organization or require other payment in any form.

1.5. The agent can act on behalf of one or several organizations. It is not allowed to limit the specified agent's right directly or indirectly.

1.6. The determinations used in this Procedure have the values determined in the Law.

2. The payment services provided through agents

2.1. Agents can render the following payment services (further - services), acting on behalf of the organization:

2.1.1. making of transactions on receipt and (or) expenditure of money in cash form on the payment account;

2.1.2. accomplishment of payment transactions by the credit translation, direct debiting, payment card or other similar payment instruments;

2.1.3. money transfer;

2.1.4. sale of electronic money and repayment of residual cost of electronic money.

2.2. Through the agent only intra country transactions can be performed (except as specified when the organizations specified in articles 3.3.2-3.3.6 of the Law function as agents).

2.3. The organization within risk management system in the internal regulations can set limits on the services rendered through agents.

3. Requirements to involvement of the agent and rendering services by the agent

3.1. The organization shall have internal regulations on the organizations of work with agents approved by competent authority of management. Internal regulations determine at least rules and procedures of implementation of transactions in connection with each service provided through the agent, rules of control of agent activities and cases of change and cancellation of the agreement signed with the agent. Internal regulations should be reviewed at least once in half a year and if necessary to make changes.

3.2. The organization shall include the agents involved by it in the program of internal control, the stipulated in Article 10 Laws of the Azerbaijan Republic "About fight against legalization of the property received in the criminal way, and terrorism financing" and to control observance of agents of the measures following from the program.

3.3. The agent shall have necessary communication channels for interaction with the organization, the corresponding infrastructure, and also the human resources having skills of work with this infrastructure.

3.4. The organization takes measures for safety when rendering services through the agent, to prevention of risks, non-admission of cases which can threaten reputation of the organization, and creates the single database of violations, including fraud cases.

3.5. The organization designates person responsible for consideration of the claims and the dispute resolution connected with the services rendered through the agent.

3.6. The organization shall provide training of employees of the agent at the time of the beginning of activities and periodically as required for the purpose of the organization of rendering services by the agent and relations with the organization according to requirements of the legislation in the sphere of the payment services and other legal acts regulating the financial markets.

3.7. The organization posts online on the official page the list of agents with whom it signed the agreement, and at least the following information on agents:

3.7.1. the name, legal address, INN of the agent, the address according to which he will render services for the organization and (or) domain names of information Internet resources;

3.7.2. working hours of the agent;

3.7.3. limits on the services provided through the agent (when applicable);

3.7.4. service fee which will appear through agents;

3.7.5. procedure for submission of claims in connection with the services provided through the agent.

3.8. The agent shall provide provision to clients to addresses where he will render services for the organization, and (or) in information Internet resources of the following information:

3.8.1. name, legal address, INN and means of communication (phone number, e-mail address (in the presence), etc.) agent;

3.8.2. the name, legal address, INN, license number and means of communication (phone, the e-mail address, etc.) of the organization on behalf of which services are rendered;

3.8.3. name and address of the Central bank as supervisory authority.

4. Requirements to the agreement signed with the agent

4.1. The agent renders services based on the agreement signed with the organization.

4.2. In the agreement signed between the organization and the agent the following is specified at least:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info