BAKU, Azerbaijan, March 12. In order to effectively apply the “Know Your Customer” (KYC) principle in Azerbaijan, the concept of the e-KYC platform has been developed, and the implementation of technical issues related to this platform has begun, Trend reports via the Central Bank of Azerbaijan (CBA).
Meanwhile, it is noted that as part of the implementation of the Central Bank of Azerbaijan's “Financial Sector Development Strategy for 2024-2026,” work continues on measures related to accelerating the introduction of an “open banking approach” and “improving the process of digital customer identification through digital channels.”
"The development of the open banking ecosystem is being carried out in stages. The integration of commercial banks into a centralized infrastructure for providing account data services has been completed, and internal software and technical specifications for providing payment transaction services have been prepared. Work is continuing on the approval of the open finance concept and the formation of a legal and regulatory framework corresponding to the concept," the information says.