For violating the laws against the legalization of property obtained by criminal means and the financing of terrorism – a fine of 20 thousand manats
For violating the laws against the legalization of property obtained by criminal means and the financing of terrorism – a fine of 20 thousand manats
The Central Bank of Azerbaijan (CBA) has taken significant steps to ensure compliance with laws on combating illegal financing by imposing fines on two non-bank credit institutions, Finca Azerbaijan and PSG Finance, for violations of financial legislation. This action underscores the Central Bank's continued commitment to combating money laundering and terrorist financing in the country.
Finca Azerbaijan was found guilty of violating laws aimed at preventing the legalization of criminally obtained property and the financing of terrorism. A comprehensive audit conducted by the Central Bank of Azerbaijan revealed numerous violations, as a result of which the Nasimi court imposed a fine of 20,000 manats. In addition, a high-ranking employee of the organization was personally fined 2,000 manats.
On the other hand, PSG Finance faced tougher sanctions for similar violations, and the Khatai court imposed a fine of 100,000 manats.
Economics
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