Azerbaijan's Central Bank approves procedure for new customer authentication implementation
Ulviyya Shahin
Read moreThe Central Bank of Azerbaijan (CBA) has approved the "Procedure for the Implementation of Enhanced Customer Authentication."
Azernews reports that the decision was signed by the Chairman of the Central Bank's Management Board, Taleh Kazimov.
This regulation is based on Article 35 of the Republic of Azerbaijan Law "On Payment Services and Payment Systems" and specifies the cases where enhanced customer authentication (ECA) is not required and outlines the requirements for ECA when using the services of payment service providers.
According to the regulation, the compliance of payment service providers' activities with the requirements stipulated in this procedure must be audited by the internal audit service at least once a year, and the audit report must be submitted to the Central Bank no later than January 15th each year. The audit report should assess compliance with the requirements of this procedure, calculate fraud rates, and reflect compliance with the requirements.
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