Personal debit cards should not be used for business activity

Personal debit cards should not be used for business activity, Central Bank of Azerbaijan Governor Taleh Kazimov said.

He said business-related transactions should be conducted through business accounts.

“Entrepreneurs should carry out business transactions through business accounts. If they do so, no one will have any claims against them. Personal debit cards should not be used for business activity,” Kazimov said.

According to him, if banks detect multiple or suspicious transactions on a personal debit card, they send the information to the Financial Monitoring Service.

Kazimov said the service analyses such transactions and, if signs of tax evasion, fraud or money laundering are identified, forwards the information to the relevant authorities.

He added that this process should not be treated as an unlawful disclosure of bank secrecy or personal data.

N. Tebrizli