Illegal banking activity ceased in Azerbaijan

Business Materials 2 July 2016 16:16 (UTC +04:00)

Baku, Azerbaijan, July 2


A structural division under Parabank JSC’s Sumgayit branch was revealed in Azerbaijan as a result of the monitoring conducted by the country’s Financial Market Supervisory Body.

Parabank’s Sumgayit branch was operating outside the branch without proper permit for the activity, the Financial Market Supervisory Body told Trend July 2.

According to the message, illegal rendering of bank services was confirmed through the monitoring.

A meeting of the Financial Market Supervisory Body's Board of Directors was held.

According to the law on Banks, a decision was made to revoke the permission of Parabank’s Sumgayit branch to conduct banking activity, suspend the process of opening Parabank’s branches and offices for a year and dismiss the managers of the branch.

A number of issues concerning the current activity of the Financial Market Supervisory Body, as well as the supervisory measures carried out in the banking sector were discussed and appropriate decisions were made.