Information on administrative charges brought against officials of a number of non-bank credit institutions

29-11-2023

29 November 2023, Baku: Informing the public about the regulatory and supervisory measures taken by the Central Bank of the Republic of Azerbaijan (Central Bank) to ensure the stability and sustainability of financial markets is of great importance in terms of consumer and investor protection and transparency.

Within the framework of current supervisory processes implemented by the Central Bank, the officials of some NBCIs were fined as follows in accordance with Article 440.1 of the Code of Administrative Offences of the Republic of Azerbaijan for violating provisions of Article 22.1 of the Law of the Republic of Azerbaijan “On Non-Bank Credit Institutions” and item 3.3 of the Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry:

• Official of the non-bank credit institution “Azkredit” OJSC – 1,500 manat
• Official of the non-bank credit institution “ASEL Kredit” LLC – 3,000 manat
• Official of the non-bank credit institution “FİNOKO” OJSC – 4,500 manat
• Official of the non-bank credit institution “TBC Kredit Bank Olmayan Kredit Təşkilatı” LLC – 6,000 manat
• Official of non-bank credit institution “PSG Finans” LLC - 6 000 manat 

It should be noted that the above violations had no impact on the financial sustainability of the relevant institutions.