Baku, Azerbaijan, June 13
By Elchin Mehdiyev – Trend:
Azerbaijan will apply penalties against banks and other financial institutions, according to the amendments to the Code of Administrative Offenses, which were discussed at the plenary session of the Azerbaijani Parliament on June 13, Trend reports.
According to the amendment, banks and local branches of foreign banks, non-bank credit organizations, professional insurance market participants, the national postal operator, credit bureaus, sports betting operators, persons with licensed activities in the securities market and central depositary, lottery organizers, funds and their heads will be fined for non-payment of funds in the amount and manner prescribed by law to institutions determined by the relevant executive authority.
Responsible officials will be fined in the amount of 1,000 manats, and legal entities in the amount of 3,000 manats.
The bill was passed after the vote in the first reading.