The Central Bank of Azerbaijan (CBA) has issued a mandatory order to “A-Solutions Electronic Money Organization” LLC (“akart”) and “Greentek Group” LLC (known as “Greentek Pay”).
During the inspections conducted by the CBA as part of the current control measures, it was determined that both organizations were conducting foreign currency transfer operations without ensuring integration into the Unified Electronic Currency Information System (VEVIS) on currency transactions until June 1, 2025.
In accordance with the requirements of the legislation, both companies were instructed to immediately suspend foreign currency transfer operations until the integration into VEVIS is completed.
It should be noted that:
“A-Solutions Electronic Money Organization” LLC received an operating license from the CBA in May 2024, and
“Greentek Group” LLC received an operating license from the CBA on September 18, 2024.
This step of the Central Bank is assessed within the framework of measures taken to strengthen transparency and control in the field of financial technologies.
