16:01 - 15.02.2024

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February 15, Fineko/abc.az. Central Bank’s board has approved the Procedure for applying a special regulatory regime.

ABC.AZ reports that in this regard, CBA chairman Taleh Kazimov signed a new decision which defines the requirements for the innovative product and the applicant for testing under special regulatory regime.

Thus, an innovative product should be new to the domestic market and increase financial inclusion in the market, be safe, more accessible to users of financial services, and also be ready for testing in real mode; product implementation should not create potential systemic risks, increase the possibilities of legalizing property acquired by criminal means and financing terrorism, conduct analysis of the risks associated with it; measures to be taken to prevent possible risks, including violations of confidentiality and legitimate interests of user information, should be identified, and the applicant should have civil immunity in relation to beneficial owners, persons performing managerial functions, as well as owners of important interests, if this owner is a legal entity.