BAKU, Azerbaijan, January 23. The Central Bank of Azerbaijan (CBA) has fined non-commercial organizations (NCOs) City Finance LLC and Ideal Kredit, as well as Embafinans CJSC and their officials a total of 66,500 manats ($39,000), Trend reports via CBA.
Citing the CBA, the financial sanction was given under Article 598.1.2 of the Code of Administrative Misdemeanors in connection with a violation of legislation aimed at combatting money laundering and terrorism funding during a comprehensive inspection undertaken by the structure.
According to the CBA, Khatai District Court fined "City Finance" LLC 20,000 manat ($11,700) and its executive officer 2,000 manat ($1,175), Narimanov District Court fined "İdeal Kredit" LLC 20,000 manat ($11,700) and its executive officer 2,500 manat ($1,469), and Yasamal District Court fined "Embafinans" CJSC 20,000 manat ($11,700) and its executive officer 2,000 manat ($1,175).
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