"Contact" money transfer system's activity suspended in Azerbaijan

The Central Bank of Azerbaijan instructed the commercial banks, operating in the republic, to suspend business with the money transfer system "Contact", Azerbaijani banks told Trend. The banks did not reveal the reasons for the suspension of activity. "Contact" system deals with money transfer without opening an account in Russia, CIS, Baltic and foreign countries. The organizer and clearing center is RUSSLAVBANK CJSC.

Operations on money transfer were suspended by Azerbaijani banks within MIGOM and LEADER systems in connection with the continuation of illegal activity on the territory of Azerbaijani territory occupied by Armenia.

Similar requirements were given to Azerbaijani banks in respect of money transfer systems Western Union and MoneyGram. According to the Central Bank, banks have suspended the operations within the money transfer systems since July 30, 2008, which were resumed August 14 the same year. The decision to resume work with them was taken on the basis of commitments undertaken by the Western Union and Moneygram that such incidents will not be admitted in future.

These systems' violations of the national interests of the country were revealed during the monitoring conducted by the Central Bank for providing financial intermediaries in the country with national legislation. As a result, it was revealed that several money transfer systems operate in the territories occupied by Armenia. They are the following - "CONTACT", "WESTERN UNION", "Zolotaya Korona - Money Transfer", "MONEYGRAM", "MIGOM", "PRİVAT MONEY", "LEADER".

Azerbaijani territory was presented in a distorted form on the official website of these systems. On the other hand, violations of law were revealed. They collaborated with organizations without a license from the CBA. Some measures were taken with regard to the violators. Requirements for suspension of illegal activity were made. As a result, many payment systems stopped their illegal activity.


/Trend/