CBA fines three NBCO officials

The Central Bank of Azerbaijan has fined three officials of non-banking credit organisations. This is reported on the CBA website.

The report says that the fines were imposed due to violation of legislation on combating money laundering and financing terrorism within the framework of a comprehensive inspection conducted by the organisation.

Thus, in accordance with Articles 598.1.1, 598.1.2, 598.1.6 of the Code, ‘Azpul’ NBCO and its official received AZN 50,000 and AZN 10,000 respectively by decision of the Narimanov district court of Baku city;

According to Articles 598.1.1 and 598.1.2 of the Code, the official of ‘Azinvestkedit’ NCO received AZN 3 thousand by decision of Baku Court of Appeal;

According to Article 598.1.2 of the Code only, an official of ‘Para’ NBCO was fined AZN 2,000 by the decision of the Nasimi district court of Baku city.