Transfer Restrictions Will Not Affect Honest Users
The Association of Banks of Azerbaijan and the Fintech Association have agreed to implement a risk-based approach to credits, setting limits on payment instrument transactions.
AI will summarize what happened, why it matters and what it means for business.
The Association of Banks of Azerbaijan (ABA) and the Fintech Association of Azerbaijan have reached an agreement to implement a risk-based approach to credits on payment instruments to minimize the risks of abuse.
As reported by FinFly.News citing ABA, daily and monthly limits have been set for each payment instrument: no more than 5 transactions per day and up to 20,000 manats per month. At the same time, only one payment instrument per product can be issued to a single client.
The limits do not apply to transfers between one's own accounts and accounts of close relatives, as well as to transactions with confirmed economic justification. Upon submission of relevant documents, banks may open additional payment instruments.
The Association noted that the new rules will not affect honest users and will not impact their daily operations:
"This approach will not create any additional restrictions or difficulties for users of payment services who have a track record of reliable payment transactions, and will not have a negative impact on their daily operations."
Context
What happened before
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ABA and the Fintech Association of Azerbaijan reached an agreement to implement a risk-based approach to credits on payment instruments.
daily and monthly limits were set: no more than 5 transactions per day and up to 20,000 manats per month.
limits do not apply to transfers between own accounts and accounts of close relatives, as well as to transactions with confirmed economic justification.
the new rules will not affect honest users and will not impact their daily operations.