BAKU, Azerbaijan, August 6. The Management Board of Azerbaijan's Central Bank approved amendments to the Corporate Governance Standards for Banks, Corporate Governance Standards for Insurers, Corporate Governance Standards for Investment Companies, and Regulations for the Organization and Implementation of Activities by Payment Institutions and Electronic Money Institutions, by its Resolution No. 30/2 dated July 7, 2026.
This is reflected in the statement published by the Central Bank of Azerbaijan (CBA).
"The Central Bank continues to improve the regulatory framework to promote ethical behavior standards in financial institutions and strengthen consumer protection, including the processing of consumer applications," the statement of CBA says.
According to the amendments, an independent function for handling customer complaints is to be created in financial institutions. Depending on the scale of the financial institution's activities, this function can be performed by a separate structural unit or a responsible person. The purpose of the amendment is to protect customer rights and conduct objective investigations of complaints in accordance with legislation. It also aims to conduct accounting and analysis of complaints and improve internal processes based on customer requests. To effectively operate this function, financial institutions must ensure the necessary resources, access to information, and employee involvement in regular development activities.
Additionally, the amendments broaden the scope of ethical conduct rules in financial institutions and reinforce their control mechanisms. Thus, these rules should include standards of conduct for management and staff, as well as the prevention of reputational risks, management of conflicts of interest, and principles of transparency, honesty, and fair treatment of clients.
These amendments will increase the level of protection for consumer rights and ethical principles in financial institutions. They will also promote a customer-oriented approach and public trust in the financial sector.
These amendments will take effect on September 1, 2026.
The approved amendments can be viewed via the following link:
