Azerbaijan's Banking Sector Undergoes Legal And Regulatory Improvements - CBA
Date
10/1/2024 5:13:33 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 1. The improvement of
the regulatory framework in the banking sector continues in
Azerbaijan, Director General of the Central bank of Azerbaijan
(CBA) Shahin Mahmudzada said during the presentation of the report
on financial stability for the first half of 2024, Trend reports.
“The regulations governing transactions with individuals
associated with banks have been revised. The changes aim to enhance
safety and transparency in transaction execution, mitigate risks,
and bolster the resilience of the banking system. Additionally,
modifications have been implemented in the credit risk management
procedure. This addresses the enhancement of life insurance terms
for consumer loans and the reinforcement of oversight regarding the
risks linked to loan provision,” he emphasized.
Mahmudzada noted that the third crucial step was to put the
pedal to the metal on requirements that guarantee information
security in both banking and non-banking credit organizations.
“The innovations are aimed at strengthening data protection and
minimizing cybersecurity threats. Finally, a document on the
implementation of sustainable finance principles was approved. It
is aimed at integrating sustainability strategies into banks'
corporate governance, increasing transparency in accounting and
reporting, and effective risk management,” he added.
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