Central Bank of Azerbaijan: New anti-fraud rules to be introduced by year-end

New anti-fraud regulations will be introduced in Azerbaijan by the end of 2026, Vusal Khalilov, a member of the Board of the Central Bank of Azerbaijan (CBA), said during the 10th International Finance and Banking Summit, Report informs.

He noted that fraud and cybersecurity threats remain pressing issues in the country, as they are globally, amid digitalization and the growth of non-cash payments: "The CBA is implementing comprehensive measures to manage these risks. One of the key areas of these measures is improving anti-fraud regulations and limits in collaboration with sector participants. The goal is to prevent fraud by introducing more effective mechanisms."

Khalilov noted that another important area is the work of the Financial Computer Emergency Response Center (FinCERT) and the Anti-Fraud Center, both operating under the Central Bank. FinCERT successfully completed international accreditation and was accepted as a full member of FIRST (the international CERT network): "This is considered a significant achievement for the financial sector. Information and experience are currently being exchanged with various institutions. The Central Bank is working both on developing digital solutions and improving the regulatory framework. New fraud risk management rules are expected to be introduced to the market by the end of the year."

The CBA board member emphasized that under the new approach, organizations will apply a risk management model, and each institution will develop internal rules in accordance with its risk profile and risk appetite.