FIMSA Monitors Banks for Implementation of Law On Non-Cash Settlements
The Financial Markets Supervision Authority (FIMSA) did not prohibit the withdrawal of funds by customers from their bank accounts, said adviser to the head of the FIMSA Board of Directors Rufat Abbasov.
He recalled that from January 1, 2017, the law On Non-Cash Settlements came into force, according to which a special regime was introduced, as well as certain restrictions for non-cash settlements between taxpayers.
Abbasov stressed that, in connection with the application of the law, FIMSA was entrusted to verify the compliance of the withdrawal of funds from banks with the law On Combating the Financing of Terrorism and Legalization of Money and Other Property Acquired by Criminal Way.
“Within two months of the entry of the law into force, FIMSA conducted monitoring, in connection with which the banks were given additional recommendations, especially regarding operations that do not have economic goals. FIMSA also urges business entities to adhere to the requirements of the law On Non-cash Settlements, he said. ------71D