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Central Bank issues directive to ‘Katech’ CJSC to cease payment services immediately
12 June 2025, Baku: Pursuant to the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, and as part of supervisory measures conducted by the Central Bank of the Republic of Azerbaijan, it has been found out that ‘Katech’ CJSC has been providing payment services without obtaining the required license.
In response to this violation, the Central Bank has taken necessary enforcement actions stipulated in Article 51.3 of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan and Article 62.10 of the Law on Payment Services and Payment Systems and sent a notification to ‘Katech’ CJSC mandating the immediate cessation of all payment service activities.
12.06.2025