BAKU, Azerbaijan, March 12. In order to
effectively apply the “Know Your Customer” (KYC) principle in
Azerbaijan, the concept of the e-KYC platform has been developed,
and the implementation of technical issues related to this platform
has begun, Trend
reports via the Central Bank of Azerbaijan (CBA).
Meanwhile, it is noted that as part of the implementation of the
Central Bank of Azerbaijan's “Financial Sector Development Strategy
for 2024-2026,” work continues on measures related to accelerating
the introduction of an “open banking approach” and “improving the
process of digital customer identification through digital
channels.”
"The development of the open banking ecosystem is being carried
out in stages. The integration of commercial banks into a
centralized infrastructure for providing account data services has
been completed, and internal software and technical specifications
for providing payment transaction services have been prepared. Work
is continuing on the approval of the open finance concept and the
formation of a legal and regulatory framework corresponding to the
concept," the information says.
