Azerbaijan to fine local branch of foreign e-money organization if security of funds violated – decree

In case of violation of the requirement on security of funds by a local branch of a foreign e-money organization in Azerbaijan, a fine of up to 10,000 manat or $5,882 will be imposed, Trend reports. In this regard, President Ilham Aliyev signed a decree on amendments to certain laws of the Republic of Azerbaijan in connection with the implementation of Law No. 987-VIQ "On payment services and payment systems" dated July 14, 2023. According to the amendment, a new Article 439-2 (violation of legislation on payment services and payment systems) is added to the Code of Administrative Offenses. According to the amendment, for violation of the requirements established by law on the security of funds by an e-money organization, including a local branch of a foreign e-money organization, officials will be fined from 2,000 to 3,000 manat (from $1,176 to $1,764), legal entities - from 7,000 to 10,000 manat (from $4,117 to $5,882). Source: Trend News Agency