Approved by Board of the Central Bank of the Azerbaijan Republic of September 9, 2009 the Protocol No. 26

Rules of issue of permissions to the processing organizations and control over processing activities

1. General provisions

1.1. These rules establish according to the Law of the Azerbaijan Republic "About the Central Bank of the Azerbaijan Republic", and also other regulatory legal acts of the Azerbaijan Republic rules of issue of permissions to the processing organizations to implementation of processing activities and control over these activities, and also the minimum requirements to reliability and safety of processing system.

1.2. Permission is issued is termless.

2. Concepts

2.1. The concepts used in these rules have the following values:

2.1.1. processing activities - activities for collection, processing and data transmission about the transactions performed by means of payment cards and also to implementation of maintenance of issue and acquiring of cards;

2.1.2. the organization - the legal entity who underwent according to the legislation of the Azerbaijan Republic state registration as the processing organization and performing processing activities;

2.1.3. payment card - the payment instrument used for payment of goods, works and services, money transfer from the account into the account of other person, and also receipt of cash;

2.1.4. transaction - complete or partial payment of goods, works and services, currency exchange and cash withdrawal of money by means of the international and local payment cards;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info