AI will summarize what happened, why it matters and what it means for business.
The Central Bank of Azerbaijan (CBA) has imposed a fine on an official of Xalq Kapital Investment Company CJSC. According to FinFly.News, citing the CBA, a violation of the requirements of the legislation on combating the legalization of criminally obtained property and the financing of terrorism was identified during ongoing supervision.
By a decision of the Baku Court of Appeal, the company's official was fined 4,000 manats under Articles 598.1.2 and 598.1.5 of the Code of Administrative Offenses.
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BeforeEarlier
The Central Bank of Azerbaijan, during ongoing supervision, identified a violation of AML/CFT legislation in the activities of an official of Xalq Kapital Investment Company CJSC.
Now
The CBA fined an official of Xalq Kapital Investment Company for violating AML/CFT legislation.
Next
The CBA is expected to continue strengthening supervision over compliance with AML/CFT requirements in the financial sector.
