Azerbaijan Issues Enforcement Order And Fines AFB Bank

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 7. The Central Bank of Azerbaijan (CBA) has issued an enforcement order to AFB Bank OJSC, and held the bank's official administratively accountable by fining 2,000 manat ($1,180), the statement of the CBA says, Trend reports.

According to the statement, AFB Bank OJSC didn't provide written notification to the CBA within the prescribed timeframe regarding appointments and changes to supervisory positions. This was considered a violation of Articles 10.6 and 15.2 of Azerbaijan's law "On banks". In accordance with Article 47 of the law, the CBA issued an enforcement order requiring the bank to improve its internal procedures to prevent similar occurrences in the future.

Additionally, a violation of the rules regarding the form, content, and submission of prudential reports by AFB Bank OJSC was identified. For this violation, based on Article 47 of the law "On banks" and Article 439.2 of the Code of Administrative Offenses, the bank's official was fined 2,000 manat.

The CBA emphasized that the violations in the reporting form do not pose any threat to the bank's financial stability.

The bank was registered under the name Azfinansbank OJSC in 2008. It rebranded in 2009 and became AFB Bank OJSC. The bank's charter capital is 70 million manat ($41.5 million), and its legal representative is Orkhan Khubanli.

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