The Central Bank of the Republic of Azerbaijan has issued a notice requiring “Katech” CJSC to immediately cease providing payment services after identifying that the company had been offering payment services without obtaining the licence required by law. The action was taken as part of the Central Bank’s supervisory measures in the payment services and payment systems area, applying measures provided for under Article 51.3 of the Law on the Central Bank of the Republic of Azerbaijan and Article 62.10 of the Law on Payment Services and Payment Systems, including the instruction to stop activity immediately.
Central Bank of the Republic of Azerbaijan 2025-06-12
Central Bank of the Republic of Azerbaijan orders Katech CJSC to immediately stop providing payment services for operating without a licence
The Central Bank of the Republic of Azerbaijan has ordered "Katech" CJSC to cease payment services due to operating without the necessary licence. This enforcement action is part of the Central Bank's supervisory measures under relevant Azerbaijani laws.