Azerbaijani insurance firm’s license suspended
Baku, Azerbaijan, Dec. 4
By Anvar Mammadov – Trend:
The license of Azerbaijan’s Progress Insurance Agency CJSC has been suspended for one month, the Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in a message Dec. 4.
"Violations of the insurance legislation were revealed in inspections carried out in the company by FIMSA,” the message said. “The company did not create a system of internal control to prevent laundering of money and other property obtained as a result of crime and terrorism financing. Moreover, the company did not conduct the necessary certification of its employees."
If the violations are not removed within a month, FIMSA will consider revocation of the Progress Insurance Agency’s license.
The company’s license was issued on February 29, 2016.