Azerbaijan Central Bank Takes New Supervisory Measures On Banks

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 22. The Central Bank of Azerbaijan (CBA) has issued a mandatory directive to Rabitabank OJSC, while an official from Bank of Baku OJSC has been fined 10,000 manat ($5,882).

This was reflected in a statement by the CBA.

According to the statement, Rabitabank OJSC failed to comply with the requirements of Clause 3.20 of the "Rules on conducting cash operations and the storage and collection of cash and other valuables at credit organizations, payment institutions, and electronic money institutions."

In this regard, and in accordance with Article 47.4 of the law of Azerbaijan "On banks," the CBA issued a mandatory directive to Rabitabank OJSC.

The directive requires the bank to strengthen its internal control systems and take necessary measures to prevent a recurrence of the issues cited.

In addition, an official from Bank of Baku OJSC has been held administratively liable within the framework of the CBA's ongoing supervisory processes.

Specifically, the Narimanov District Court of Baku fined an official of Bank of Baku OJSC 10,000 manat under Article 598.1.1 of the Code of Administrative Offenses due to violations of legislation regarding the prevention of the legalization of property obtained through criminal means and the financing of terrorism.

The CBA's statement didn't provide further details regarding the specific nature of the violation involving Rabitabank or the timeframe for executing the issued directive.

Thus, measures of a different nature were taken regarding two banks within the scope of the СBA's ongoing supervisory activities: the directive issued to Rabitabank concerned violations of established requirements for cash operations and the need to strengthen internal control systems, whereas the fine imposed on the Bank of Baku official related to violations of legislation on combating the legalization of property obtained through criminal means and the financing of terrorism.

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