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New Restrictions on Bank Cards
The Azerbaijan Banks Association (ABA) has issued a statement regarding the application of a risk-based approach to the number of payment accounts linked to payment cards and electronic money.
According to the approach adopted by the ABA, each bank is expected to provide one payment card per product, excluding payment cards intended for salaries, pensions and other social benefits, payment cards linked to business accounts, as well as payment cards linked to deposit accounts. However, where a customer provides the bank with a reasonable explanation regarding the intended use of the payment card, the transactions carried out are consistent with the information available to the bank about the payment service user, and the bank has sufficient grounds to believe that the card is not being used for illegal purposes, banks may independently provide customers with additional payment cards under the same product.
It should be noted that some banks already do not issue customers more than one card belonging to the same category.
While some banks have already introduced this restriction, others will stop issuing such cards from October 1.
For example, if a customer already has one active debit card, they will no longer be able to order a second debit card in the same currency.
However, a customer may order a second debit card in a different currency.
The Azerbaijan Banks Association (ABA) has issued a statement regarding the application of a risk-based approach to the number of payment accounts linked to payment cards and electronic money.
According to the approach adopted by the ABA, each bank is expected to provide one payment card per product, excluding payment cards intended for salaries, pensions and other social benefits, payment cards linked to business accounts, as well as payment cards linked to deposit accounts. However, where a customer provides the bank with a reasonable explanation regarding the intended use of the payment card, the transactions carried out are consistent with the information available to the bank about the payment service user, and the bank has sufficient grounds to believe that the card is not being used for illegal purposes, banks may independently provide customers with additional payment cards under the same product.
It should be noted that some banks already do not issue customers more than one card belonging to the same category.
While some banks have already introduced this restriction, others will stop issuing such cards from October 1.
For example, if a customer already has one active debit card, they will no longer be able to order a second debit card in the same currency.
However, a customer may order a second debit card in a different currency.