Central Bank of Azerbaijan takes measures against 3 NBCOs

The Central Bank of Azerbaijan has fined officials of non-bank credit organisations "City Finance", "Kəpəz" and "İnkişaf üçün Maliyyə". This is reported on the website of the regulatory body.

According to the statement, within the current control processes conducted by the CBA, it was revealed that the requirements of Article 22.1 of the Law on "Non-Bank Credit Organisations" and paragraph 3.3 of the "Rules for Providing Information on Borrowers of Credit Organisations to the Centralized Credit Register" were violated in the course of their activities. Thus, in accordance with Article 440.1 of the Code of Administrative Offences, an official of "City Finance" was fined AZN 1,500 and the official of "Kəpəz’ fined AZN 6,000.

Besides, within the framework of a comprehensive inspection conducted by the CBA, a violation of the legislation on combating legalization of property acquired by criminal means and financing of terrorism was revealed. Thus, based on the CBA's submission, in accordance with Article 598.1.2 of the Code of Administrative Offences, "İnkişaf üçün maliyyə" was fined AZN 20,000 and its official AZN 2,000 by the decision of the Nasimi District Court.