Unofficial translation (c) Soyuzpravoinform LLC
of March 13, 2024 No. 12/3
About approval of "Procedure on making of payment transactions and payment instruments"
Based on Articles 12. 3, 20.3, 22.3, 36.2, 40.1.2, 62.3.1 of the Law of the Azerbaijan Republic "About payment services and payment systems", article 15.1 of the Law of the Azerbaijan Republic "About non-bank credit institutions" and articles 22.1.17 and 47.2 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic" DECIDES: Board of the Central bank of the Azerbaijan Republic
1. Approve "Procedure on making of payment transactions and payment instruments" it (is applied).
2. Cancel part of 1 Resolution of Board of the Central bank of the Azerbaijan Republic of September 17, 2013 No. 19/1 "About approval of "The instruction for clearing settlements and money transfers in the Azerbaijan Republic"".
3. Repeal the Resolution of Board of the Central bank of the Azerbaijan Republic of July 10, 2012 No. 16/3 "About approval of "Rules of issue and use of payment cards".
4. Charge to Legal department to provide in 3-day time 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.
Chairman of the Central bank
Talekh Kazimov
The Central bank of the Azerbaijan Republic No. 12/3 is approved on March 13, 2024 by the Resolution
1.1. This Procedure is developed according to article 47.2 of the Law of the Azerbaijan Republic "About the Central bank of the Azerbaijan Republic", article 15.1 of the Law of the Azerbaijan Republic "About non-bank credit institutions", the Law of the Azerbaijan Republic "About payment services and payment systems", and also the Civil code of the Azerbaijan Republic, the Tax code of the Azerbaijan Republic, the Customs code of the Azerbaijan Republic, the laws of the Azerbaijan Republic "About social insurance", "About insurance on unemployment", "About medical insurance", "About clearing settlements", the executive legislation, and also other regulatory legal acts.
1.2. This Procedure determines rules of making of payment transactions by payment service providers and implementation of calculations between payment service providers, requirements of rather payment instruments, requirements concerning currency, maximum amount of electronic money and the maximum amount of obligations of one issuer by the electronic money emitted by it, the criteria of payment instruments of small amount which are not requiring identification, the requirement concerning the data confirming the payment transactions made via payment terminals, and procedure for submission of data.
1.3. For the purpose of loan granting by non-bank credit institutions issue of credit cards shall be performed according to requirements of this Procedure, and payment accounts to which credit cards are linked are subject to opening according to the "Procedure for opening, maintaining and closing of bank accounts" approved by the Resolution of Board of the Central bank of the Azerbaijan Republic (further - the Central bank) of February 4, 2022 No. 04/2.
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