Due to violations of the requirements of the ‘Regulation on maintaining payment operations and on payment instruments’ by Bank Respublika OJSC during the execution of customer transfers and collection orders, the Central Bank, guided by the requirements of Article 47 of the Law of the Republic of Azerbaijan ‘on Banks,’ issued a binding instruction to Bank Respublika OJSC. The order requires the bank to strengthen its internal control systems to prevent the recurrence of such cases in the future and take measures against responsible people in accordance with the legislation.

The requirements of Article 25.1.4 of the Law of the Republic of Azerbaijan ‘on Banks’ (the Law) were breached due to the failure of Rabitabank OJSC to submit a written notification to the Central Bank regarding a violation of the applicable legislation identified during the formalization of loans. In accordance with Article 47 of the Law, the Central Bank issued a binding instruction to Rabitabank OJSC requiring the improvement of its relevant internal procedures to prevent similar incidents in the future. The aforementioned violation does not pose a threat to the bank’s financial stability.

Due to the failure of AFB Bank OJSC to submit a written notification to the Central Bank within the predefined deadline regarding a change in the officer position, in violation of Articles 10.6 and 15.2 of the Law of the Republic of Azerbaijan on Banks (the Law), and based on the provisions of Article 47 of the Law the Central Bank has issued a biding instruction to AFB Bank OJSC to prevent the recurrence of such incidents in the future by improving related internal procedures.

An official of Kapital Bank OJSC was fined AZN1500 (one thousand and five hundred) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Kapital Bank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of AFB Bank OJSC was fined AZN2000 (two thousand) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by AFB Bank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of Xalq Bank OJSC was fined AZN1500 (one thousand and five hundred) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Xalq Bank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of Yapı Kredi Bank Azerbaijan CJSC was fined AZN1500 (one thousand and five hundred) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Yapı Kredi Bank Azerbaijan CJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of Yelo Bank OJSC was fined AZN1500 (one thousand and five hundred) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Yelo Bank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of Turanbank OJSC was fined AZN2000 (two thousand) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Turanbank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

An official of Unibank CB OJSC was fined AZN2000 (two thousand) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ by Unibank CB OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

As part of the Central Bank of the Republic of Azerbaijan's current control processes at AFB Bank OJSC, the bank was fined 50,000 (fifty thousand) manats and an AFB Bank OJSC official was fined 10,000 (ten thousand) manats by the Yasamal District Court of Baku City for violating the requirements of the legislation on combating the legalization of criminally acquired property and the financing of terrorism, in accordance with Articles 598.1.1, 598.1.2, and 598.1.5 of the Code of Administrative Offenses.

An official of Rabitabank OJSC was fined AZN2000 (two thousand) in accordance with Article 439.2 of the Code of Administrative Offences and guided by Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks by Rabitabank OJSC. Reporting-related violations do not pose any threat to bank’s financial stability or resilience.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Express Bank OJSC was fined AZN2,000 (two thousand) for violating the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ pursuant to Article 47 of the ‘Law of the Republic of Azerbaijan on Banks’. The reporting violations do not pose a threat to the financial resilience of the bank.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Pasha Bank OJSC was fined AZN2,000 (two thousand) for violating the requirements of the ‘Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks’ pursuant to Article 47 of the ‘Law of the Republic of Azerbaijan on Banks’. The reporting violations do not pose a threat to the financial resilience of the bank.

The Central Bank of the Republic of Azerbaijan applies reserve requirements to effectively manage liquidity and reduce its concentration in the banking system. These requirements for banks are regulated both by the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’ (the Law) and the ‘Regulations of the Central Bank on the ratio, calculation and maintaining required reserves’ (the Regulation). According to the Regulation, banks are obliged to maintain required reserves in their correspondent accounts with the Central Bank.

Rabitəbank OJSC failed to meet these obligations during the maintenance period of 15 July 2025 - 14 August 2025 keeping its reserves below the threshold. Pursuant to Article 32 of the Law, the Central Bank imposed a financial sanction of AZN1857.54 (one thousand eight hundred fifty-seven manats and fifty-four gapiks) on Rabitəbank OJSC.

Due to the failure of Bank of Baku OJSC to submit a written notification to the Central Bank within the prescribed period regarding a change in an executive position (constituting a violation of Article 10.6 of the Law of the Republic of Azerbaijan on Banks (the Law)), in accordance with the requirements of Article 47 of the Law, the Central Bank has issued a binding instruction to Bank of Baku OJSC, requiring the enhancement of internal procedures to prevent the recurrence of similar violations in the future.

In accordance with Article 47 of Law of the Republic of Azerbaijan on Banks (the Law) the Central Bank has issued a binding instruction to Unibank CB OJSC, due to its failure to submit a written notification to the Central Bank within the specified timeframe regarding a change in an executive position, which constitutes a violation of Article 15.2 of the Law. The instruction is aimed at improving related internal procedures to avoid the recurrence of such cases in the future.

Due to the failure of “Yelo Bank” OJSC to submit a written notification to the Central Bank within the predefined deadline regarding a change in the officer position, in violation of Article 10.6 of the Law of the Republic of Azerbaijan on Banks (the Law), and based on the provisions of Article 47 of the Law the Central Bank has issued a biding instruction to Yelo Bank OJSC to prevent the recurrence of such incidents in the future by improving related internal procedures.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Yelo Bank OJSC was fined AZN2,000 (two thousand) for violating the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks. The reporting violations do not pose a threat to the financial resilience of the bank.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Rabitəbank OJSC was fined AZN2,000 (two thousand) for violating the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks. The reporting violations do not pose a threat to the financial resilience of the bank.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Unibank CB OJSC was fined AZN2,000 (two thousand) for violating the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks. The reporting violations do not pose a threat to the financial resilience of the bank.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Azər-Türk Bank OJSC was fined AZN2,000 (two thousand) for violating the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks. The reporting violations do not pose a threat to the financial resilience of the bank.

In accordance with Article 439-2 of the Code of Administrative Offences, an official of Yapı Kredi Bank Azərbaycan CJSC was fined AZN1,500 (one thousand and five hundred) for violating the requirements of the Regulation on the form, content and submission of prudential reports developed by banks and local branches of foreign banks pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks. The reporting violations do not pose a threat to the financial resilience of the bank.

Pursuant to Article 598.1.1 of the Code of Administrative Offenses (CAO), the Narimanov District Court of Baku City fined Premium Bank OJSC AZN 50,000 (fifty thousand) and pursuant to Articles 598.1.1 and 598.1.2 of the CAO, the court fined a Premium Bank OJSC official AZN 10,000 (ten thousand) for violating the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as detected during the current supervisory processes carried out by the Central Bank of the Republic of Azerbaijan.

Due to the violation of Item 8.2.5 of the ‘Corporate governance standards in banks’, and in accordance with Article 47 of the Law of the Republic of Azerbaijan, the Central Bank has issued a binding instruction to Unibank OJSC to improve its internal procedures to prevent recurrence of similar violations in the future.

In accordance with Article 47.1 of the Law of the Republic of Azerbaijan on Banks, the Central Bank has issued a binding instruction to Azərbaycan Sənaye Bankı OJSC, due to its violation of Item 4.8 of the ‘Corporate Governance Standards in banks’ requiring the bank to improve its internal procedures to prevent recurrence of such violations in the future.

In accordance with Article 47.1 of the Law of the Republic of Azerbaijan on Banks, the Central Bank has issued a binding instruction to Bank Avrasiya OJSC, due to its violation of Item 4.8 of the ‘Corporate Governance Standards in banks’ requiring the bank to improve its internal procedures to prevent recurrence of such violations in the future.

In accordance with Article 47.1 of the Law of the Republic of Azerbaijan ‘on Banks’, the Central Bank has issued a binding instruction to PASHA Bank OJSC, due to the violation of the aggregate norm of credit exposures for consumer loans with a maturity of five (5) years or more, as stipulated in Item 4.8 of the ‘Regulation on prudential ratios and requirements related to credit risks, including large credit risk exposures’ in the report submitted by the PASHA Bank OJSC to the Central Bank, to improve its internal procedures to promptly address and rectify the violation, and prevent similar instances from occurring in the future. This violation does not pose a threat to the bank's financial stability.

The AFB Bank OJSC has been found out to fail to properly submit information on currency exchange operations to the information system established for currency control in violation of the requirements of Item 7.5 of the ‘Statute on a single information system on currency operations’ (Statute). The Central Bank, in accordance with Article 47.4 of the Law of the Republic of Azerbaijan on Banks, issued a binding instruction to AFB Bank OJSC to enhance control over the implementation of the objectives assigned to participants of the single information system as outlined in the Statute in order to prevent similar violations in the future.

The Baku city Nasimi District Court fined an official of Yapi Kredi Bank Azerbaijan CJSC AZN8000 (eight thousand) in accordance with Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed during the Central Bank’s ongoing supervisory processes.

The Agdam District Court fined an official of PASHA Bank OJSC AZN10000 (ten thousand) in accordance with Articles 598.1.1, 598.1.2 and 598.4 of the Code of Administrative Offences, due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed during the Central Bank’s ongoing supervisory processes.

The Central Bank, in accordance with the requirements of Article 47 of the Law of the Republic of Azerbaijan on Banks, issued a binding instruction to Rabitə Bank OJSC to enhance its internal control systems, due to its failure to maintain the liquidity coverage ratio above the established threshold specified in Item 7.2 of the ‘Regulation on liquidity risk management in banks’ in the report submitted to the Central Bank as of 15 January owing to improper calculation of the ratio an aggregate basis.

The Central Bank, in accordance with Article 47.4 of the Law of the Republic of Azerbaijan on Banks, issued a binding instruction to Unibank CB OJSC to strengthen control over the implementation of the objectives assigned to participants of the single information system, as outlined in the ‘Statute on a single information system on currency operations’ (Statute), in order to prevent similar violations in the future, due to its failure to properly submit information on currency exchange operations to the information system established for currency control, in violation of the requirements of Item 7.5 of the Statute.

The Central Bank, in accordance with Article 47.4 of the Law of the Republic of Azerbaijan on Banks, issued a binding instruction to Yelo Bank OJSC to strengthen control over the implementation of the objectives assigned to participants of the single information system, as outlined in the ‘Statute on a single information system on currency operations’ (Statute), in order to prevent similar violations in the future, due to its failure to properly submit information on currency exchange operations to the information system established for currency control, in violation of the requirements of Item 7.5 of the Statute.

The Central Bank, in accordance with Article 47.4 of the Law of the Republic of Azerbaijan on Banks, issued a binding instruction to Accessbank CJSC to strengthen control over the implementation of the objectives assigned to participants of the single information system, as outlined in the ‘Statute on a single information system on currency operations’ (Statute), in order to prevent similar violations in the future, due to its failure to properly submit information on currency exchange operations to the information system established for currency control, in violation of the requirements of Item 7.5 of the Statute.

Turanbank OJSC was fined AZN20000 (twenty thousand) in accordance with Article 598.1.2 and an official of the Bank was fined AZN10000 (ten thousand) in accordance with Articles 598.1.1 and 598.1.2 of the Code of the Administrative Offences, due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism during the Central Bank's ongoing supervisory processes.

In accordance with Article 47 of the Law of the Republic of Azerbaijan on Banks, due to the violation of the requirement of Item 14.1 of the ‘Regulation on calculation of bank capital and its adequacy’ (Regulation) the Central Bank has issued a binding instruction to Azer-Turk Bank OJSC to improve its internal procedures to eliminate the relevant violation within a short period and avoid recurrence of such cases in future.

In accordance with the requirements of Article 47.2 of the Law of the Republic of Azerbaijan ‘on Banks’, the Central Bank has issued a binding instruction to Kapital Bank OJSC to strengthen the oversight of the performance of duties by the participants of the single information system as defined by the ‘Statute on a single information system on currency operations’ (the Statute) to avoid such violations in the future, since the Kapital Bank OJSC has failed to comply with the requirements of sub-item 9.2.1 of the Statute and submit the data related to currency exchange transactions to the information system established for currency control in a real time (at the moment the transaction data are entered into the operational system).

The Central Bank of the Republic of Azerbaijan employs reserve requirements to manage excess liquidity and reduce liquidity concentration in the banking system. The requirements for maintaining reserves by banks are regulated by both the ‘Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan’ (the Law) and the ‘Regulations on the ratio, calculation and maintaining required reserves’ (the Regulations). Guided by that, banks are required to maintain reserves in their correspondent accounts with the Central Bank as specified in the Regulations.

The International Bank of Azerbaijan OJSC failed to comply with the requirements of the Regulations by maintaining required reserves in manat below the norm during the maintenance period covering 15.10.2024 - 14.11.2024. Consequently, in accordance with Article 32 of the Law, the Central Bank has imposed a financial sanction on the International Bank of Azerbaijan OJSC in the amount of 272 343.69 (two hundred seventy-two thousand three hundred forty-three manats and sixty-nine gapiks).

An official of Azər-Türk Bank OJSC was fined AZN2 000 (two thousand) in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-bank Credit Institutions and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the Bank of Baku OJSC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 35.4 of the Law of the Republic of Azerbaijan ‘on Banks’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the BTB OJSC was fined AZN2000 (two thousand) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 35.4 of the Law of the Republic of Azerbaijan ‘on Banks’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the Pasha Bank OJSC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 35.4 of the Law of the Republic of Azerbaijan ‘on Banks’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

Pursuant to Article 438.1 of the Code of the Administrative Offences, an official of the Premium Bank OJSC has been fined AZN 2000 following the comprehensive inspection by the Central Bank of the Republic of Azerbaijan for violating the requirements of Article 40.1 of the Law of the Republic of Azerbaijan on Banks and Item 3.3.2 of the ‘Regulation on related party transactions of banks’. It should be noted that the violation has been rectified.

The Central Bank issued a binding instruction to the AFB Bank OJSC regarding the improvement of internal procedures pursuant to Article 47 of the Law of the Republic of Azerbaijan on Banks (the Law) due to failure of the AFB Bank OJSC to timely meet the requirement specified in Article 15.2 of the Law to send a written notice to the Central Bank on a decision on the appointment of an officer within five working days.

In accordance with Article 47 of the Law of the Republic of Azerbaijan ‘on Banks’, the Central Bank issued a binding instruction to the ‘Rabita Bank’ OJSC due to the infringement by the bank of the maximum credit risk amount norm set by the Central Bank of the Republic of Azerbaijan on unsecured credit claim(s) on a single borrower or a related group of borrowers to rectify the relevant violation in a short time and enhance internal procedures to prevent the recurrence of such cases in the future. The said violation does not pose a threat to the financial resilience of the bank. 

The Central Bank issued a binding instruction to the Azerbaijan Industry Bank regarding the enhancement of its internal control systems in accordance with Article 47 of the Law of the Republic of Azerbaijan on Banks due to the bank’s failure to comply with the requirement to maintain the liquidity coverage ratio above the cap specified in Item 7.2 of the ‘Regulation on liquidity risk management in banks’ in the report submitted to the Central Bank at the end of February 2024. The failure stemmed from improper calculation of the LCR in aggregate by the Azerbaijan Industry Bank OJSC. The said violation does not pose a threat to the financial resilience of the bank. 

The Central Bank issued a binding instruction to the Premium Bank regarding the enhancement of its internal control systems in accordance with Article 47 of the Law of the Republic of Azerbaijan on Banks due to the bank’s failure to comply with the requirement to maintain the liquidity coverage ratio above the cap specified in Item 7.2 of the ‘Regulation on liquidity risk management in banks’ in the report submitted to the Central Bank at the end of January 2024. The failure stemmed from improper calculation of the LCR in aggregate by the Premium Bank OJSC.

The Central Bank issued a binding instruction to the Azer Turk Bank OJSC concerning the improvement of its internal procedures in accordance with Article 47 of the Law of the Republic of Azerbaijan on Banks due to the bank’s non-compliance with the requirement specified in Item 11.2-1 of the Law of the Republic of Azerbaijan on Banks regarding the submission of a written notification on the opening of a bank branch to the Central Bank of the Republic of Azerbaijan within 7 working days from the date of the decision.

Pursuant to Article 440.1 of the Code of Administrative Offenses, an official of the Bank VTB was fined AZN4,000 for breaching of the requirements of Article 35.4 of the Law of the Republic of Azerbaijan ‘on Banks’ and Article 3.3 of the ‘Regulation on providing information on borrowers of credit institutions to the Centralized Credit Register’ within the framework of ongoing supervisory efforts maintained by the Central Bank.

The Central Bank of the Republic of Azerbaijan uses reserve requirements to effectively manage excess liquidity in the banking system and reduce liquidity concentration. The reserve requirements applied to banks are governed under the Law ‘on the Central Bank of the Republic of Azerbaijan’ (Law) and the ‘Regulation on the ratio, calculation and maintaining required reserves’ (Regulation). As per the Regulation, banks should keep required reserves in correspondent accounts with the Central Bank.

According to Article 32 of the Law, the Central Bank applied AZN3108.98 (three thousand one hundred and eight manats and ninety-eight gapicks) worth financial sanction to the Pasha Bank OJSC for failing to maintain required reserves in foreign currency as per the stipulated norms for the period from 15 December 2023 through 14 January 2024.

An official of Kredaqro Non-Bank Credit Institution Limited Liability Company was fined AZN10000 (ten thousand) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, an official of Fintrend Non-bank credit institution Limited Liability Company was fined by the Baku Court of Appeal in the amount of 2,000 (two thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism, identified during ongoing supervisory activities by the Central Bank of the Republic of Azerbaijan.

An official of Non-Bank Credit Institution Finance Credit Limited Liability Company was fined AZN1500 (one thousand and five hundred) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

An official of SF Azerbaijan Non-Bank Credit Institution Limited Liability Company was fined AZN2000 (two thousand) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, FINCA AZERBAIJAN NBCI LLC was fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 21.11.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

An official of Finex Credit Non-Bank Credit Institution Open Joint-stock Company was fined AZN8000 (eight thousand) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

An official of Non-bank Credit Institution Effectinvest Limited Liability Company was fined AZN4500 (four thousand and five hundred) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

An official of Non-Bank Credit Institution Caspian Invest Limited Liability Company was fined AZN1500 (one thousand and five hundred) in accordance with Article 440.1 of the ‘Code of Administrative Offences’, due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-Bank Credit Institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of the Administrative Offences, an official of the NBCI International OJSC has been fined by the Narimanov District Court of the Baku city in the amount of 10,000 (ten thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, an official of the M Bulak NBCI LLC has been fined by the Yasamal District Court of the Baku city in the amount of 2,000 (two thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

An official of Nova Credit Non-Bank Credit Institution Limited Liability Company was fined AZN4000 (four thousand) in accordance with Article 440.1 of the Code of Administrative Offences, due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-Bank Credit Institutions and Item 3.3 of the Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

An official of Non-Bank Credit Institution IDK Limited Liability Company was fined AZN2000 (two thousand) in accordance with Article 440.1 of the Code of Administrative Offences, due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-Bank Credit Institutions and Item 3.3 of the Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

An official of Azerbaijan Mikro-Kredit Non-Bank Credit Institution Open Joint-Stock Company was fined AZN10000 (ten thousand) in accordance with Article 440.1 of the Code of Administrative Offences, due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-Bank Credit Institutions and Item 3.3 of the Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.1, 598.1.2 and 598.1.5 of the Code of the Administrative Offences, an official of the Monetri NBCI OJSC has been fined by the Khatai District Court of the Baku city in the amount of 50,000 (fifty thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

An official of SF Azerbaijan Non-Bank Credit Institution Limited Liability Company was fined AZN1500 (one thousand and fifty) in accordance with Article 440.1 of the Code of Administrative Offences, due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-Bank Credit Institutions and Item 3.3 of the Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry as part of ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, an official of the Prior Credit NBCI OJSC has been fined by the Narimanov District Court of the Baku city in the amount of 2,000 (two thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

The Baku city Yasamal District Court fined the official of MM Finca Azerbaijan NBCI AZN2000 (two thousand), in accordance with Article 598.1.2 of the Code of the Administrative Offences, due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism identified during ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, the Ganja City Court has imposed administrative fines on NBCI Viator Micro Credit Azerbaijan LLC and its official in the amounts of AZN 50,000 (fifty thousand manats) and AZN 10,000 (ten thousand manats), respectively, due to violations of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism, identified during ongoing supervisory activities conducted by the Central Bank of the Republic of Azerbaijan.

In accordance with Article 25.1.5 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ (the Law) the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Finoko Non-bank credit institution OJSC on timely and non-delayed submission of reports in the current and subsequent periods, due to Finoko Non-bank Credit Institution OJSC’s failure to submit prudential reports for the first quarter of 2025, in violation of the requirements set out in Article 24.2 of the Law.

Pursuant to Articles 598.1.1, 598.1.2 and 598.1.6 of the Code of Administrative Offences, the Khatai District Court of Baku city fined SF Azerbaijan non-bank credit institution LLC and its official AZN50000 (fifty thousand) and AZN10 000 (ten thousand) respectively due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism detected as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

‘İcraçı Kredit Agentliyi’ LLC NBCI was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

The official of Merkuri NBCI LLC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulation on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of NBCI AZPUL LLC was fined AZN4500 (four thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the Nova Credit NBCI LLC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

An official of Azpul LLC Non-bank credit institution was fined AZN6 000 (six thousand) in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-bank Credit Institutions and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

An official of PARA NBCI OJSC was fined AZN2 000 (two thousand) in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-bank Credit Institutions and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

An official of MJ Financial Services NBCI OJSC was fined AZN1 500 (one thousand and five hundred) in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan on Non-bank Credit Institutions and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of PARA non-bank credit institution was fined AZN2000 (two thousand) by the Nasimi District Court of the city of Baku, in accordance with Article 598.1.2 of the Code of the Administrative Offences due to the violation of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism during the Central Bank's ongoing supervisory processes.

The official of Azinvestcredit non-bank credit institution LLC was fined AZN3000 (three thousand) by the Baku Appeal Court, in accordance with Articles 598.1.1 and 598.1.2 of the Code of the Administrative Offences due to the violation of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism during the Central Bank's thematic inspection.

The Non-bank credit institution Azpul LLC and its official were fined AZN50 000 (fifty thousand) and 10 000 (ten thousand) respectively by the Narimanov District Court of the city of Baku, in accordance with Articles 598.1.1, 598.1.2 and 598.1.6 of the Code of the Administrative Offences due to the violation of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism during the Central Bank's ongoing supervisory processes.

The official of the SF Azerbaijan NBCI LLC was fined AZN2000 (two thousand) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the Caspian Finance NBCI LLC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the MM Finca Azerbaijan NBCI was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the FinEx Credit NBCI OJSC was fined AZN1500 (one thousand and five hundred) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the Kapaz NBCI LLC was fined AZN2000 (two thousand) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

The official of the TCF NBCI OJSC was fined AZN2000 (two thousand) by the Central Bank, in accordance with Article 440.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 22.1 of the Law of the Republic of Azerbaijan ‘on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ during the Central Bank's ongoing supervisory processes.

As part of the current control conducted by the Central Bank of the Republic of Azerbaijan, the official of "City Finance Non-Bank Credit institution" LLC was fined in the amount of AZN 1,500 (one thousand five hundred) in accordance with Article 440.1 of the Code of Administrative Offences for violating the requirements of Article 22.1 of the Law of the Republic of Azerbaijan "On Non-Bank Credit Institutions" and Paragraph 3.3 of the “Regulations on Submission of Information on Borrowers of Credit Institutions to the Centralized Credit Registry”.

As part of the current control conducted by the Central Bank of the Republic of Azerbaijan, the official of "Kapaz Non-Bank Credit institution" LLC was fined in the amount of AZN 6,000 (six thousand) in accordance with Article 440.1 of the Code of Administrative Offences for violating the requirements of Article 22.1 of the Law of the Republic of Azerbaijan "On Non-Bank Credit Institutions" and Paragraph 3.3 of the “Regulations on Submission of Information on Borrowers of Credit Institutions to the Centralized Credit Registry”.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the "Finance for Development Non-Bank Credit institution" LLC and its official was fined by the Nasimi District Court of Baku AZN 20,000 (twenty thousand) and AZN 2,000 (two thousand), respectively, for violating the requirements of the Law on Prevention of Legalization of Criminally Obtained Property and Financing of Terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.1 and 598.1.2 of the Code of the Administrative Offences, the ‘PSG Finance’ Non-bank credit institution LLC was fined AZN 50000 (fifty thousand) by the Baku Appeal Court with respect to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the Nasimi District Court of the Baku city fined the Finca Azerbaijan Non-bank Credit İnstitution LLC and its official in the amount of 20,000 (twenty thousand) and 2,000 (two thousand) respectively for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of the Administrative Offences, an official of the ‘PSG Finance’ Non-bank credit institution has been fined by the Khatai District Court in the amount of 10,000 (ten thousand) for violating the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the Khatai District Court of the Baku city fined the ‘CITY FINANCE Non-bank Credit Institution’ AZN20 000 (twenty thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the Khatai District Court of the Baku city fined the official of the ‘CITY FINANCE Non-bank Credit Institution’ AZN2 000 (two thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic.

Pursuant to Articles 598.1.2 and 598.1.2 of the Code of the Administrative Offences, the Narimanov District Court of the Baku city fined the ‘Ideal Credit LLC’ Non-bank Credit Institution AZN20 000 (twenty thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.2 and 598.1.2 of the Code of the Administrative Offences, the Narimanov District Court of the Baku city fined the official of the ‘Ideal Credit LLC’ Non-bank Credit Institution AZN2 500 (two thousand and five hundred) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.2 and 598.1.2 of the Code of the Administrative Offences, the Yasamal District Court of the Baku city fined the ‘Embafinans’ CJSC Non-bank Credit Institution AZN20 000 (twenty thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.2 and 598.1.2 of the Code of the Administrative Offences, the Narimanov District Court of the Baku city fined the official of the ‘Embafinans’ CJSC Non-bank Credit Institution AZN2 000 (two thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 440.1 of the Code of the Administrative Offences, the official of the ‘Azcredit’ OJSC was fined AZN1500 (one thousand and five hundred) due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of current supervisory actions by the Central Bank of the Republic.

Pursuant to Article 440.1 of the Code of the Administrative Offences, the official of the ‘ASEL Credit’ OJSC was fined AZN3000 (three thousand) due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of current supervisory actions by the Central Bank of the Republic.

Pursuant to Article 440.1 of the Code of the Administrative Offences, the official of the ‘FINOKO’ Non-bank credit institution OJSC was fined AZN4500 (four thousand and five hundred) due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of current supervisory actions by the Central Bank of the Republic.

Pursuant to Article 440.1 of the Code of the Administrative Offences, the official of the ‘TBC Credit’ Non-bank credit institution OJSC was fined AZN6000 (six thousand) due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of current supervisory actions by the Central Bank of the Republic.

Pursuant to Article 440.1 of the Code of the Administrative Offences, the official of the ‘PSG Finance’ Non-bank credit institution LLC was fined AZN6000 (six thousand) due to the violation of the requirements of Article 22.1 of the ‘Law of the Republic of Azerbaijan on Non-bank credit institutions’ and Item 3.3 of the ‘Regulations on submission of information on borrowers of credit institutions to the Centralized Credit Registry’ as part of current supervisory actions by the Central Bank of the Republic.

The requirement of Item 10.3 of the ‘Regulations on prudential regulation of credit unions’ was not fulfilled, as Hacıoğlu Credit Union Limited Liability Company failed to timely submit reports for the 3rd quarter of 2025. Consequently, based on sub-item 4.4.4 of the ‘Regulations on issue of a banking license to credit unions’ the Central Bank of the Republic of Azerbaijan issued a binding instruction to Hacıoğlu Credit Union LLC to submit these reports without delay and on time in future reporting periods.

The requirement of Item 10.3 of the ‘Regulations on prudential regulation of credit unions’ was not fulfilled, as Yeni Daşkənd Credit Union Limited Liability Company failed to timely submit reports for the 3rd quarter of 2025. Consequently, based on sub-item 4.4.4 of the ‘Regulations on issue of a banking license to credit unions’ the Central Bank of the Republic of Azerbaijan issued a binding instruction to Yeni Daşkənd Credit Union LLC to submit these reports without delay and on time in future reporting periods.

The requirement of Item 10.3 of the ‘Regulations on prudential regulation of credit unions’ was not fulfilled, as Stimul Credit Union Limited Liability Company failed to timely submit reports for the 3rd quarter of 2025. Consequently, based on sub-item 4.4.4 of the ‘Regulations on issue of a banking license to credit unions’ the Central Bank of the Republic of Azerbaijan issued a binding instruction to Stimul Credit Union LLC to submit these reports without delay and on time in future reporting periods.

The requirement of Item 10.3 of the ‘Regulations on prudential regulation of credit unions’ was not fulfilled, as Total Finance Credit Union Limited Liability Company failed to timely submit reports for the 3rd quarter of 2025. Consequently, based on sub-item 4.4.4 of the ‘Regulations on issue of a banking license to credit unions’ the Central Bank of the Republic of Azerbaijan issued a binding instruction to Total Finance Credit Union LLC to submit these reports without delay and on time in future reporting periods.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on Issuing Banking Licenses to Credit Unions‘, due to failure of Hacıoğlu Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on Prudent Management of Credit Unions’ to submit reports for the second quarter of 2025, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Hacıoğlu Credit Union LLC regarding immediate submission of these reports and their timely submission in subsequent periods.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on Issuing Banking Licenses to Credit Unions’, due to failure of Stimul Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on Prudent Management of Credit Unions’ to timely submit prudential reports for the second quarter of 2025, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Stimul Credit Union LLC regarding the timely submission of these reports.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on Issuing Banking Licenses to Credit Unions’, due to failure of İnci Kredo Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on Prudent Management of Credit Unions’ to timely submit prudential reports for the second quarter of 2025, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to İnci Kredo Credit Union LLC regarding the timely submission of these reports.

İşgüzar-Kredit İttifaqı Limited Liability Company failed to submit its 2024 financial statements reviewed by an external auditor, as required under Article 17.3 of the Law on Credit Unions. Pursuant to sub-item 4.4.4. of the Regulations on issue of a banking license to credit unions, İşgüzar-Kredit İttifaqı LLC was instructed to submit official information along with its audited 2024 financial statements and all supporting documents to the Central Bank of the Republic of Azerbaijan.

Total Finans Credit Union Limited Liability Company failed to submit its 2024 financial statements reviewed by an external auditor, as required under Article 17.3 of the Law on Credit Unions. Pursuant to sub-item 4.4.4. of the Regulations on issue of a banking license to credit unions, Total Finans Credit Union LLC was instructed to submit official information along with its audited 2024 financial statements and all supporting documents to the Central Bank of the Republic of Azerbaijan.

Inci Kredo Credit Union LLC failed to submit its 2024 financial statements reviewed by an external auditor, as required under Article 17.3 of the Law on Credit Unions. Pursuant to sub-item 4.4.4. of the Regulations on issue of a banking license to credit unions, Inci Kredo Credit Union Limited Liability Company was instructed to submit official information along with its audited 2024 financial statements and all supporting documents to the Central Bank of the Republic of Azerbaijan.

Stimul Credit Union LLC failed to submit its 2024 financial statements reviewed by an external auditor, as required under Article 17.3 of the Law on Credit Unions. Pursuant to sub-item 4.4.4. of the Regulations on issue of a banking license to credit unions, Stimul Credit Union Limited Liability Company was instructed to submit official information along with its audited 2024 financial statements and all supporting documents to the Central Bank of the Republic of Azerbaijan.

Laman Limited Liability Credit Union failed to submit its 2024 financial statements reviewed by an external auditor, as required under Article 17.3 of the Law on Credit Unions. Pursuant to sub-item 4.4.4. of the Regulations on issue of a banking license to credit unions, Laman Limited Liability Credit Union was instructed to submit official information along with its audited 2024 financial statements and all supporting documents to the Central Bank of the Republic of Azerbaijan.

In accordance with subitem 4.4.4 of the ‘Regulations on issue of a banking license to credit unions’ the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Sevinge Credit Union LLC due to its failure to timely submit prudential reports for the first quarter of 2025, in violation of Item 10.3 of the ‘Regulations on prudential regulation of credit unions’.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on issuing banking licenses to credit unions‘, due to failure of Stimul Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on prudent management of credit unions’ to submit reports for the fourth quarter of 2024, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Stimul Credit Union LLC regarding immediate submission of these reports and their timely submission in subsequent periods.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on issuing banking licenses to credit unions‘, due to failure of Total Finance Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on prudent management of credit unions’ to submit reports for the fourth quarter of 2024, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Total Finance Credit Union LLC regarding immediate submission of these reports and their timely submission in subsequent periods.

In accordance with the requirements of Item 4.4.4 of the ‘Regulation on issuing banking licenses to credit unions‘, due to failure of Finance Credit Union LLC to meet the requirement of Item 10.3 of the ‘Regulation on prudent management of credit unions’ to submit reports for the fourth quarter of 2024, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Finance Credit Union LLC regarding immediate submission of these reports and their timely submission in subsequent periods.

As part of the ongoing supervision conducted by the Central Bank of the Republic of Azerbaijan, the Baku city Sabail District Court and the Baku Court of Appeal with their respective decisions fined Azerpost LLC AZN50 000 (fifty thousand) in accordance with Article 598.1.1 of the Code of Administrative Offences (the Code) and its official AZN10 000 (ten thousand) in accordance with Articles 598.1.1, 598.1.2 and 598.4 of the Code, due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism.

In accordance with the requirements of Article 13-4.4.6 of the Law of the Republic of Azerbaijan on Postal Service, due to the delayed submission of prudential reports as at the end of December 2024 by Azerpost LLC in violation of the requirements of Item 2.8 of the ‘Regulation on the form, content, and frequency of prudential reports developed by the National Postal Operator’, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Azerpost LLC regarding timely submission of reports as specified by the legislation.

The Central Bank imposed an administrative fine on an official at PASHA Capital Investment Company OJSC after identifying a regulatory violation during off-site supervisory review. The breach involved noncompliance with requirements set out in the Regulation on the provision of investment services (operations) by investment companies and banks.’ Under Article 416.0.1 of the Code of Administrative Offences, the official was fined AZN600.

The issues identified during the review did not affect the company’s capital adequacy or overall financial stability.

As part of thematic inspections conducted by the Central Bank of the Republic of Azerbaijan, Capital Partners Investment Company CJSC was issued a formal warning for failure to fully comply with the requirements of the Corporate Governance Standards for Investment Companies. The Company was subsequently given a binding instruction to promptly rectify the identified violations.

As part of thematic inspections conducted by the Central Bank of the Republic of Azerbaijan, Assist Finance Investment Company OJSC was issued a formal warning for failure to fully comply with the requirements of the Corporate Governance Standards for Investment Companies. The Company was subsequently given a binding instruction to promptly rectify the identified violations.

As part of thematic inspections conducted by the Central Bank of the Republic of Azerbaijan, Inno Capital Investment Company OJSC (previously PSG Capital Investment Company OJSC) was issued a formal warning for failure to fully comply with the requirements of the Corporate Governance Standards for Investment Companies. The Company was subsequently given a binding instruction to promptly rectify the identified violations.

As part of thematic inspections, the Central Bank of the Republic of Azerbaijan has issued a warning to Troni Investment Company CJSC due to its failure to fully comply with the requirements of the ‘Corporate Governance Standards in Investment Companies’ followed by a binding instruction to promptly rectify the violations.

As part of thematic inspections, the Central Bank of the Republic of Azerbaijan has issued a warning to CPM-Invest Investment Company CJSC due to its failure to fully comply with the requirements of the ‘Corporate Governance Standards in Investment Companies’ followed by a binding instruction to promptly rectify the violations.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, the Nasimi District Court of Baku city fined an official of the CPM-Invest Investment Company CJSC AZN10 000 (ten thousand) due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism detected as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

As part of a thematic inspection conducted by the Central Bank of the Republic of Azerbaijan, a warning was issued to ‘CFI Financial Investment Company’ CJSC for failing to comply with the requirements of the ‘Corporate Governance Standards for Investment Companies.’ Furthermore, a binding instruction was issued, requiring the company to rectify the violations as soon as possible.

As part of a comprehensive inspection conducted by the Central Bank of the Republic of Azerbaijan, an official of ‘PASHA Capital Investment Company’ CJSC was fined AZN 700 in accordance with Article 416.0.1 of the Code of Administrative Offenses, due to violations of Item 12.1 of the ‘Regulations on the Provision of Investment Services (Operations) by Investment Companies and Banks.’

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, the Nasimi District Court of Baku city fined an official of the ‘Unicapital Investment Company’ OJSC AZN10 000 (ten thousand) due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism detected as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, the Narimanov District Court of Baku city fined an official of the ‘Troni Investment Company’ OJSC AZN10 000 (ten thousand) due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism detected as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan has identified several violations related to the requirements of the legislation on the securities market and on prevention of the legalization of criminally obtained property and the financing of terrorism during a comprehensive examination of Capital Partners Investment Company CJSC and issued a binding instruction to the Company on their elimination.

Pursuant to Articles 598.1.1 and 598.1.2 of the Code of Administrative Offences, the Nasimi District Court of Baku city fined an official of the ‘ABB-Invest Investment Company’ OJSC AZN2 000 (two thousand) due to the violation of the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism detected as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 548.1 of the Code of the Administrative Offences, an official of the ‘PSG-Capital Investment Company’ OJSC was fined AZN1 000 (one thousand) for failing to timely execute the binding instruction issued with respect to compliance with the requirements of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism as part of the comprehensive inspection by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the Sabunchu District Court of the Baku city fined the official of the ‘Invest-AZ Investment Company’ CJSC AZN4 000 (four thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic.

Pursuant to Article 598.1.2 of the Code of the Administrative Offences, the Nasimi District Court of the Baku city fined the official of the ‘Pasha Capital Investment Company’ CJSC AZN2 000 (two thousand) for the breach of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism revealed as part of the comprehensive examination by the Central Bank of the Republic.

Informing the broad public regarding regulatory and supervisory actions by the Central Bank of the Republic of Azerbaijan (the Central Bank) in the securities market is critical in terms of the protection of investor rights and maintaining transparency.

Pursuant to Articles 414 and 416.0.1 of the Code of Administrative Offences, the ‘PASHA Capital Investment Company’ CJSC (the Company) was fined total AZN6 200 due to the violation of the requirements of Article 33.1 of the ‘Law on the Securities Market’, Items 3.4, 3.5, 14.3, 3.11, 12.1, 19.3.4, 19.3.8, 19.3.9, 19.4.9, 5.3 and 5.5 of the ‘Regulation on conduction of investment services (operations) by investment companies’ and Items 3.6, 6.5 and 8.2 of the ‘Regulation on margin trading’ as part of the current supervision by the Central Bank.

The said deficiencies and shortcomings have been found out not to impact Company’s capital adequacy and financial resilience.

The Yasamal District Court of the Baku City fined the Baku Stock Exchange AZN6000 and its official AZN1500 in accordance with Article 548.1 of the Code of Administrative Offenses due to the failure to timely implement the measures established for eliminating the deficiencies revealed during the comprehensive inspections conducted at Baku Stock Exchange CJSC by the Central Bank of the Republic of Azerbaijan.

Furthermore, in accordance with Article 416.0.7 of the Code of Administrative Offenses, the Head of the BSE’s Listing Committee was fined AZN700 due to violations of the Rules on Listing, Delisting and Admission to Trade of Securities at the BSE.

During ongoing supervisory measures conducted by the Central Bank of the Republic of Azerbaijan, it has been determined that the Baku Stock Exchange OJSC is non-compliant with Articles 46.2 and 46.3 of the Law of the Republic of Azerbaijan on the Securities Market, and an official warning has been issued to the Baku Stock Exchange OJSC accordingly.

In connection with violations of the relevant legislation and regulatory acts discovered during an unscheduled thematic inspection of PashaPay LLC by the Central Bank of the Republic of Azerbaijan, mandatory instructions were issued to address deficiencies relating to the prevention of the legalization of property acquired through criminal means and the financing of terrorism, as well as internal control and risk management, in accordance with Articles 48.2.4 of the Law of the Republic of Azerbaijan “On the Central Bank” and 63.1 of the Law of the Republic of Azerbaijan “On Payment Services and Payment Systems”.

Pursuant to Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, the Central Bank issued a binding instruction to Baku Pay LLC to eliminate the violation of the minimum aggregate capital requirement set out in Item 4.3 of the Regulation on the organization and implementation of activities by payment institutions and electronic money institutions, ensure advance monitoring of any decrease in aggregate capital below the amount established by legislation and take appropriate measures in a timely manner.

The Central Bank of the Republic of Azerbaijan identified a number of violations of legislation concerning the prevention of the legalization of criminally obtained property and the financing of terrorism during on-site inspections carried out at A-Solutions Electronic-money Institution LLC from 1 September 2025 to 17 October 2025. As a result, the Central Bank fined A-Solutions Electronic-money Institution LLC in the amount of AZN 50,000 (fifty thousand) as a legal entity, and its official in the amount of AZN 10,000 (ten thousand), in accordance with Articles 598.1.1, 598.1.2 and 598.1.4 of the Code of Administrative Offenses of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan identified a number of violations of legislation concerning the prevention of the legalization of criminally obtained property and the financing of terrorism during on-site inspections carried out at Modenis LLC from 4 June 2025 to 18 July 2025. As a result, the Central Bank fined Modenis LLC in the amount of AZN 50,000 (fifty thousand) as a legal entity, and its official in the amount of AZN 10,000 (ten thousand), in accordance with Articles 598.1.1 and 598.1.2 of the Code of Administrative Offenses of the Republic of Azerbaijan.

An official of the CIBPay LLC was fined AZN1000 (one thousand) in accordance with Article 439-2.4 of the Civil Code of the Republic of Azerbaijan for the incorrect submission of prudential reports to the Central Bank of the Republic of Azerbaijan.

An official of the Fizza Pay LLC was fined AZN1000 (one thousand) in accordance with Article 439-2.4 of the Civil Code for the incorrect submission of prudential reports to the Central Bank of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan issued a binding instruction to A-Solutions Electronic Money Institution LLC to address the violation of the requirements of the legislation and regulations related to the prevention of money laundering and terrorist financing, information security, internal control and risk management, identified during a scheduled inspection conducted by the Central Bank in the institution, in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems.

The Central Bank of the Republic of Azerbaijan issued a binding instruction to Azwallet LLC to suspend the acquiring service provided under Article 3.1.3 of the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems.’

The Central Bank of the Republic of Azerbaijan, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to Fizza Pay LLC to eliminate the violation of the requirement for the minimum amount of own funds specified in Item 4.2 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions.’

According to the official statement of the Anti-Corruption Directorate under the Prosecutor General’s Office, criminal proceedings have been initiated not only against the accused individuals but also against Paysis LLC and its director in the criminal case initiated in connection with the organization of gambling through the use of online information resources and related unlawful acts, and the case has been submitted to the Baku Court of Grave Crimes for consideration.

Until the court’s decision on the criminal case becomes legally binding, the Central Bank of the Republic of Azerbaijan, acting under Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, has issued an instruction to Paysis LLC to suspend all payment services provided under its license (except for operations relating to the return of funds to payment service users).

An official of the Mobile Payment Solutions LLC was fined AZN2000 (two thousand) in accordance with Article 439-2.1.1 of the Civil Code for the violation of the requirements specified in Articles 9.2 and 9.3 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems.

The Central Bank of the Republic of Azerbaijan identified a number of violations of legislation concerning the prevention of the legalization of criminally obtained property and the financing of terrorism during on-site inspections carried out at Mpay LLC from 3 February 2025 to 30 April 2025. As a result, the Central Bank fined Mpay LLC in the amount of AZN 50,000 (fifty thousand) as a legal entity, and its official in the amount of AZN 10,000 (ten thousand), in accordance with Articles 598.1.1, 598.1.2 and 598.1.6 of the Code of Administrative Offenses.

The Central Bank of the Republic of Azerbaijan identified a number of violations of legislation concerning the prevention of the legalization of criminally obtained property and the financing of terrorism during on-site inspections carried out at Drakaris LLC from 21 April 2025 to 19 May 2025. As a result, the Central Bank fined Drakaris LLC in the amount of AZN 30,000 (thirty thousand) as a legal entity, and its official in the amount of AZN 10,000 (ten thousand), in accordance with Articles 598.1.1, 598.1.2 and 598.1.5 of the Code of Administrative Offenses.

As part of an unscheduled inspection carried out at Greentek Group LLC, the Central Bank of the Republic of Azerbaijan imposed corrective actions on Greentek Group LLC based on Articles 48.2.4 of the Law of the Republic of Azerbaijan On the Central Bank and 63.1 of the Law of the Republic of Azerbaijan On Payment Services and Payment Systems to temporarily suspend all payment services provided within the scope of the license (except for operations to return funds of payment service users) due to the discovery of facts that payment accounts were not opened for users in accordance with the requirements of the legislation, and errors were made in preventing illegal activities carried out through internet resources.

As part of the current control processes carried out by the Central Bank of the Republic of Azerbaijan, a binding instruction has been issued to Mpay LLC to stop providing services outside the activities stipulated in Articles 3.1 and 5.1 of the Law of the Republic of Azerbaijan "On Payment Services and Payment Systems".

The Central Bank of the Republic of Azerbaijan issued a binding instruction to Modenis LLC to address deficiencies related to the prevention of money laundering and terrorist financing, cash management, information security, internal control and risk management, identified during a scheduled inspection conducted by the Central Bank in Modenis LLC, in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems.

Pursuant to Article 9.3 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, (the Law), due to the violation of the requirement prohibiting the provision of payment services by a payment agent without prior registration, and guided by Article 63.1 of the Law, the Central Bank of the Republic of Azerbaijan issued a binding instruction to Mobile Payment Solutions LLC to immediately cease providing payment services through payment agents.

The Central Bank of the Republic of Azerbaijan identified a number of violations of legislation concerning the prevention of the legalization of criminally acquired property and the financing of terrorism during on-site inspections carried out at Pashapay LLC from November 25, 2024 to January 17, 2025, and from April 23 to April 29, 2025. Additionally, there was a failure to comply fully with the corrective actions applied during the initial inspection. As a result, the Central Bank fined Pashapay LLC in the amount of AZN 50,000 as a legal entity, and its official in the amount of AZN 11,000, in accordance with Articles 598.1.1, 598.1.2, and 598.1.6 , 198.1.5 and 548.1 of the Code of Administrative Offenses.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, an official of PulPal LLC was fined AZN1,000 (one thousand) in accordance with Article 602.4 of the Code of Administrative Offences, following non-scheduled on-site inspection conducted in PulPal LLC in April. The sanction was applied due to the company’s failure to provide inspectors with the required technical resources and complete information regarding its operations during the inspection.

The Central Bank, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to Guavapay LLC to eliminate the violation of the requirement for the minimum amount of aggregate capital specified in Item 4.3 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’, and to improve internal control systems.

The Central Bank, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to CIBPay LLC to eliminate the violation of the requirement for the minimum amount of aggregate capital specified in Item 4.2 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’, and to improve internal control systems.

The Central Bank, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to Baku Pay LLC to eliminate the violation of the requirement for the minimum amount of aggregate capital specified in Item 4.3 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’, and to improve internal control systems.

The Central Bank, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to Tiko Azerbaijan LLC to eliminate the violation of the requirement for the minimum amount of aggregate capital specified in Item 4.3 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’, and to improve internal control systems.

The Central Bank, pursuant to Article 63.1 of the ‘Law of the Republic of Azerbaijan on Payment Services and Payment Systems’, issued a binding instruction to Greentek Group LLC to eliminate the violation of the requirement for the minimum amount of aggregate capital specified in Item 4.3 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’, and to improve internal control systems.

In connection with violations of the requirements of relevant legislation and regulatory acts discovered within the framework of a scheduled inspection carried out by the Central Bank of the Republic of Azerbaijan at Mpay CJSC, сorrective actions have been imposed on Mpay CJSC in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems to eliminate deficiencies in the areas of combating the legalization of criminally acquired property and the financing of terrorism, as well as the organization of cash operations and strengthening internal control systems.

In connection with violations of the requirements of relevant legislation and regulatory acts discovered within the framework of a scheduled inspection carried out by the Central Bank of the Republic of Azerbaijan at PulPal LLC, сorrective actions have been imposed on PulPal LLC in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems to improve the internal control function, establish a risk management system, and strengthen human resources potential.

As part of the current control measures implemented by the Central Bank of the Republic of Azerbaijan, it was revealed that A-Solutions Electronic Money Organization LLC conducted foreign currency transfer operations without integrating them into the Single Information System on Currency Operations (SISCO) until June 1, 2025. Based on this information, the organization was instructed to immediately cease conducting foreign currency transfer operations without integration into the SISCO.

As part of the current control measures implemented by the Central Bank of the Republic of Azerbaijan, it was revealed that Greentek Group LLC conducted foreign currency transfer operations without integrating them into the Single Information System on Currency Operations (SISCO) until June 1, 2025. Based on this information, the organization was instructed to immediately cease conducting foreign currency transfer operations without integration into the SISCO.

In accordance with Article 439-2.2 of the Code of Administrative Offences, an official of K Group LLC was fined AZN2 000 (two thousand) for violation of the requirement established by Article 7.3 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems.

In accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems,’ the Central Bank has issued a binding instruction to Payriff CJSC, to address violations related to Items 3.2 and 4.2 of the ‘Regulation of the Central Bank of the Republic of Azerbaijan on the organization and implementation of activities by payment and electronic money institutions’ (the minimum total regulatory capital requirement) and improve internal control systems.

As part of the current supervisory processes conducted by the Central Bank of the Republic of Azerbaijan, the following matters were analyzed: settlements with merchants by K Group LLC, safety of received cash funds, accuracy of reports submitted to the Central Bank, and compliance with information security obligations. Corrective actions have been imposed on K Group LLC in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, due to violations related to payment systems legislation and regulations detected at K Group LLC.

As part of ongoing supervisory processes conducted by the Central Bank of the Republic of Azerbaijan, corrective actions were imposed to PulPal LLC based on Article 48.2.4 of the ‘Law on the Central Bank of the Republic of Azerbaijan’ and Article 63.1 of the ‘Law on payment services and payment systems’, due to the failure to provide necessary technical facilities to the inspectors during an unscheduled on-site inspection, as well as the provision of incomplete information regarding conducted operations.

As part of the supervisory processes conducted by the Central Bank of the Republic of Azerbaijan, an inspection was carried out on the security of payment transactions at Paysis LLC and the organization’s compliance with relevant legislation. Corrective actions have been imposed on Paysis LLC in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, due to the detection of violations related to payment systems legislation and regulations by Paysis LLC.

Corrective actions have been imposed on the PashaPay LLC in accordance with Article 48.2.4 of the Law of the Republic of Azerbaijan on the Central Bank and Article 63.1 of the Law of the Republic of Azerbaijan on Payment Services and Payment Systems, due to the violation of the legislation on prevention of the legalization of criminally obtained property and the financing of terrorism, as detected during ongoing supervisory processes by the Central Bank of the Republic of Azerbaijan.

The Central Bank issued a binding instruction to M.A.X. Systems Plus LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan (the Law) due to elimination of violations of the requirements for ensuring security of funds accepted from payment service users for conducting payment transactions, as well as elimination of violations of the requirement of the minimum amount of aggregate capital specified under part 4 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’ in accordance with Article 7.1.1 of the Law.

The Central Bank issued a binding instruction to PulPal LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’ (the Law), due to elimination of the violation of the minimum amount of aggregate capital specified under part 4 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions’.

The Central Bank issued a binding instruction to CIBPAY LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’, due to elimination of the violation of the minimum amount of aggregate capital specified under part 4 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions.’

The Central Bank issued a binding instruction to K Group LLC regarding the elimination of violations in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’ (the Law), due to the failure to provide users with the opportunity to obtain information on electronic money issued, as well as provide information on the residual value of the electronic money for users, in accordance with Article 12.2 of the Law.

The Central Bank issued a binding instruction to Pasha Pay LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’, due to elimination of violations of the current requirements on handling and protection of private data in accordance with Item 7.6 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions.’

The Central Bank issued a binding instruction to PulPal LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’ (the Law), due to elimination of violations of the requirements for ensuring security of funds accepted from payment service users for conducting payment transactions, in accordance with Article 7.1.1 of the Law.

The official of Paysis LLC was fined AZN 1,000 (one thousand) by the Central Bank in accordance with Article 548.1 of the Code of Administrative Offences. The fine was imposed due to the failure to timely fulfill the binding instruction to ensure the accessibility of the execution period of the payment order and the contact information of the supervisory authority before the execution of the payment order, as well as provide information on the amount of service fees charged for the execution of payment transactions during the notification of payment service users after the payment order, in accordance with the requirements of Articles 16 and 17 of the Law of the Republic of Azerbaijan ‘On Payment Services and Payment Systems.’

The Central Bank issued a binding instruction to Global Innovations LLC in accordance with Article 63.1 of the Law of the Republic of Azerbaijan ‘on Payment services and payment systems’ due to the elimination of the violation of the minimum amount of aggregate capital specified in part 4 of the ‘Regulation on the organization and implementation of activities by payment and electronic money institutions.’

The Central Bank always focuses on stable, uninterrupted, and reliable operation of payment systems, as well as the protection of the rights of payment system users and informs the broad public on related oversight actions.

The examination and analyses conducted by the Central Bank in connection with the incident that occurred at the ‘Azericard’ LLC on 6 January 2024 identified shortcomings in the activities of the ‘Azericard’ LLC. The Central Bank issued a binding instruction to the ‘Azericard’ LLC to eliminate relevant shortcomings.

The Central Bank of the Republic of Azerbaijan has issued a binding instruction to AtaSığorta OJSC (the Company) to safeguard its financial condition and assets. Under the instruction, the Company is required to suspend the acceptance of new liabilities, refrain from entering into liability-bearing agreements and cease conducting cost-incurring operations.

The Central Bank of the Republic of Azerbaijan has issued a binding instruction to Gala-Life Insurance Company Open Joint-Stock Company, based on Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, due to non-compliance with the ‘Corporate Governance Standards for Insurers.’

The Central Bank of the Republic of Azerbaijan has issued a binding instruction to Azerbaijan Industrial Insurance Open Joint-Stock Company, based on Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, due to non-compliance with the ‘Corporate Governance Standards for Insurers.’

The Central Bank of the Republic of Azerbaijan has imposed a fine of AZN300 (three hundred) on officials of Ateshgah Insurance Company Open Joint-Stock Company under Article 462.1 of the Code of Administrative Offenses, due to violations of Article 78 of the Law of the Republic of Azerbaijan on Insurance Activity.

The Central Bank of the Republic of Azerbaijan has issued a binding instruction to Ateshgah Life Insurance Company Open Joint-Stock Company, based on Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, due to non-compliance with the ‘Corporate Governance Standards for Insurers.’

The Central Bank of the Republic of Azerbaijan has issued a binding instruction to Pasha Insurance Open Joint-Stock Company, based on Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, due to non-compliance with the ‘Corporate Governance Standards for Insurers.’

As part of its supervisory activities, the Central Bank of the Republic of Azerbaijan has imposed a corrective action on insurance agent “Azərbaycan Geologiyası” Limited Liability Company, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

As part of its supervisory activities, the Central Bank of the Republic of Azerbaijan has imposed a corrective action on insurance agent Az Invest Group Limited Liability Company, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

As part of its supervisory activities, the Central Bank of the Republic of Azerbaijan has imposed a corrective action on insurance agent INS Consulting Limited Liability Company, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

As part of its supervisory activities, the Central Bank of the Republic of Azerbaijan has imposed a corrective action on insurance broker Status Insurance Limited Liability Company, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

As part of its supervisory activities, the Central Bank of the Republic of Azerbaijan has imposed a corrective action on independent expert Elchin Tapdig Allahverdiyev, chosen to assess the insured event, in accordance with Article 102 of the Republic of Azerbaijan's Law on Insurance Activity.

In accordance with the Code of Administrative Offences, Hamidov Intizam Emin was fined AZN1500 (one thousand and five hundred), due to the violation of the requirements of the insurance legislation as part of ongoing supervisory measures by the Central Bank of the Republic of Azerbaijan.

In connection with the violation of cybersecurity requirements discovered during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at AtaSığorta OJSC, a corrective action has been imposed on AtaSığorta OJSC, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the incorrect submission of the quarterly report regarding insurance mediation activities revealed during the investigations conducted by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on individual insurance agent Habil Jafar Aliyev, in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil and legal contracts with independent experts revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Xalq Insurance OJSC, a corrective action has been imposed on Xalq Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil and legal contracts with independent experts revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Azerbaijan Industry Insurance OJSC, a corrective action has been imposed on Azerbaijan Industry Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Ipek Yolu Insurance OJSC, corrective action has been imposed on Ipek Yolu Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Pasha Insurance OJSC, corrective action has been imposed on Pasha Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Ateshgah Insurance Company OJSC, corrective action has been imposed on Ateshgah Insurance Company OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Mega Insurance OJSC, corrective action has been imposed on Mega Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at AtaSığorta OJSC, corrective action has been imposed on AtaSığorta OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at A-Group Insurance OJSC, corrective action has been imposed on A-Group Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at AzSığorta OJSC, corrective action has been imposed on AzSığorta OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to conclude civil contracts with independent experts, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan at Qala Insurance OJSC, corrective action has been imposed on Qala Insurance OJSC in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity.

Due to the failure to update their registry information and to carry out compulsory insurance activities through the Compulsory Insurance Bureau system, as revealed during the monitoring conducted by the Central Bank of the Republic of Azerbaijan, corrective action has been imposed on a number of independent experts, based on Article 102 of the Law of the Republic of Azerbaijan "On Insurance Activity".

As part of current supervisory processes by the Central Bank, an official of Mega Insurance OJSC has been fined AZN300 (three thousand) in accordance with Article 462.1 of the Code of Administrative Offences, due to the violation of the requirements of Article 78 of the Law of the Republic of Azerbaijan ‘on Insurance Activity’.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on A-Group Insurance Open Joint-Stock Company in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on Mega Insurance Open Joint-Stock Company in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on individual independent expert Talibli Ahmad Talibkhan in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on Xalq Insurance Open Joint-Stock Company in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on Shirvan Insurance and Reinsurance Broker Limited Liability Company in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

As part of the supervisory activities carried out by the Central Bank of the Republic of Azerbaijan, a corrective action has been imposed on Azerbaijan Insurance Broking Limited Liability Company in accordance with Article 102 of the Law of the Republic of Azerbaijan on Insurance Activity, to ensure compliance with insurance legislation.

A binding instruction has been issued to PASHA Insurance Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan on Insurance Activity (the Law) to ensure compliance with the requirements for signing insurance agreements under conditions specified in insurance regulations as part of supervisory actions undertaken by the Central Bank of the Republic of Azerbaijan, as guided by the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Atəşgah Həyat’ Insurance Company Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Aqrar Sığorta Müştərək Sığorta Şirkəti’ Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Xalq Həyat’ Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘İpək Yolu Sığorta’ Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘AzRe Təkrarsığorta’ Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘AzSığorta’ Open Joint-Stock Company in accordance with Article 102.2.8-1 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the corporate governance requirements set forth for insurers in the Law.

In the course of inspections carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Atəşgah’ Insurance Company Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the requirements on reinsurance of risks.

In the course of inspections carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘İpək Yolu Sığorta’ Insurance Company Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the requirements on reinsurance of risks.

In the course of inspections carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘PASHA Insurance’ Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the requirements on reinsurance of risks.

In the course of inspections carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Azərbaycan Sənaye Sığorta’ Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the requirements on reinsurance of risks.

In the course of inspections carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ‘Xalq Sığorta’ Open Joint-Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan ‘On Insurance Activity’ (the Law) to ensure compliance with the requirements on reinsurance of risks.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to “AtaSığorta” Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" due to its failure to comply with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident”.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to ““Atəşgah” Insurance Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" due to its failure to comply with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident”.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Mega Insurance Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" due to its failure to comply with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident”.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to Baku Insurance Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" due to its failure to comply with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident”.

In the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan has issued a binding instruction to “Xalq Sığorta” Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" due to its failure to comply with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident”.

The Central Bank of the Republic of Azerbaijan has issued an obligatory instruction to “Azerbaijan Industry Insurance" Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed as a result of non-compliance with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident” in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" in the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan has issued an obligatory instruction to “Qala Insurance" Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed as a result of non-compliance with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident” in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" in the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan has issued an obligatory instruction to “PASHA Insurance" Open Joint Stock Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" regarding the shortcomings and omissions revealed as a result of non-compliance with the relevant paragraphs of the “Regulation on governing mutual payments between insurers in connection with compensation for damage caused to the vehicle driven by the injured party in a road traffic accident” in the regulation of insurance events of the type of "Compulsory insurance of the civil liability of motor vehicle owners" in the course of inspections and general monitoring of the insurance market carried out by the Central Bank of the Republic of Azerbaijan.

The Central Bank of the Republic of Azerbaijan has communicated an obligatory instruction to “Khamsa Insurance and Reinsurance Broker" Limited Liability Company in accordance with Article 102.2.9 of the Law of the Republic of Azerbaijan "On Insurance Activity" (Law) regarding the shortcomings and omissions revealed as a result of the inspection of compliance with insurance legislation and license requirements during the planned and comprehensive inspection conducted by the Central Bank of the Republic of Azerbaijan.

The official of Xalq Sığorta OJSC was fined AZN300 (three hundred) by the Central Bank, in accordance with Article 462.1 of the Code of the Administrative Offences due to the violation of the requirements of Article 78 of the Law of the Republic of Azerbaijan ‘on Insurance Activity’ during the Central Bank's ongoing supervisory processes.

The official of the PASHA INSURANCE OJSC was fined by the Central Bank pursuant to Article 462.1 of the Code of the Administrative Offences due to the ‘violation of the procedures stipulated in the law regarding the preparation, submission and publication of financial reports and combined (consolidated) financial statements and other reports and information to be submitted by the accounting entity to the authority (institution) determined by the relevant executive authority and the Central Bank of the Republic of Azerbaijan, including reflecting the information and indicators required by law in reports and other forms of information, as well as storing accounting documents’.

The official of the ATƏŞGAH LIFE INSURANCE COMPANY OJSC was fined by the Central Bank pursuant to Article 462.1 of the Code of the Administrative Offences due to the ‘violation of the procedures stipulated in the law regarding the preparation, submission and publication of financial reports and combined (consolidated) financial statements and other reports and information to be submitted by the accounting entity to the authority (institution) determined by the relevant executive authority and the Central Bank of the Republic of Azerbaijan, including reflecting the information and indicators required by law in reports and other forms of information, as well as storing accounting documents’.

As part of ongoing supervisory processes carried out by the Central Bank of the Republic of Azerbaijan, the Baku City Yasamal District Court fined an official of Eliko Limited Liability Company in accordance with Articles 598.1.1, 598.1.2, and 598.1.4 of the Code of Administrative Offences AZN10,000 (ten thousand), due to violations of the requirements of the legislation on preventing the legalization of criminally obtained property and the financing of terrorism.

The Nasimi District Court of the Baku city imposed an administrative fine of AZN1000 on an official of Money Shop Limited Liability Company in accordance with Article 602.4 of the Code of Administrative Offences. The sanction followed the discovery of violations of currency regulation legislation as part of current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 13-7.1.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank of the Republic of Azerbaijan issued a binding instruction to Delta Capital LLC, due to its failure to submit end-of-2025 statements in accordance with the requirements of Item 7.1 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations, which mandates that such statements be submitted within the timeframe established by law.

Pursuant to Article 13-7.1.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank of the Republic of Azerbaijan issued a binding instruction to Money Shop LLC, due to its failure to submit end-of-2025 statements in accordance with the requirements of Item 7.1 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations, which mandates that such statements be submitted within the timeframe established by law.

Azərbaycan Respublikasının Mərkəzi Bankı tərəfindən “Meta-Kapital” MMC-də aparılan cari nəzarət prosesləri çərçivəsində verilmiş icrası məcburi göstərişə əməl edilmədiyi, “Valyuta mübadiləsi fəaliyyətinə lisenziya almış şəxslər tərəfindən valyuta mübadiləsi əməliyyatlarının aparılması və valyuta mübadiləsi fəaliyyətinə nəzarət Qaydası”nın 3.7-ci, 4.10-cu, 5.2-ci, 6.6-cı və 6.7-ci bəndlərinin tələblərinin pozulması, 3.6-cı, 4.7-ci və 6.5-ci bəndlərinin tələblərinin pozulmasının təkrar baş verməsi halları müəyyən edilmişdir. Aşkar olunmuş pozuntu hallarının aradan qaldırılması və fəaliyyətin müvafiq qanunvericilik aktlarının tələblərinə uyğunlaşdırılması məqsədi ilə “Valyuta tənzimi haqqında” Azərbaycan Respublikası Qanununun 13-7.1.2-ci və 13-7.2-ci maddələrinə uyğun olaraq Mərkəzi Bankın qərarı ilə valyuta mübadiləsi əməliyyatlarının aparılması üçün “Meta-Kapital” MMC-yə verilmiş 13.05.2022-ci il tarixli, VMF-05 nömrəli lisenziyanın qüvvəsi 18.08.2025-ci il tarixindən 1 (bir) ay müddətinə dayandırılmışdır.

The Yasamal District Court of the Baku city imposed an administrative fine of AZN1000 on an official of MMK-014 Limited Liability Company in accordance with Article 602.4 of the Code of Administrative Offences. The sanction followed the discovery of violations of currency regulation legislation as part of current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 602.4 of the Code of Administrative Offences, an official of Eliko LLC has been fined 1,000 (one thousand) by the Yasamal District Court of the Baku city due to the violation of the requirements of the currency regulation legislation as part of supervisory processes by the Central Bank of the Republic of Azerbaijan. 

The Central Bank of the Republic of Azerbaijan, as part of its supervisory processes, determined that Delta Capital LLC failed to comply with binding instructions, violated the requirements of Items 4.10 and 5.2 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations and repeatedly violated the requirements of Article 16-1.1 of the Law of the Republic of Azerbaijan on Currency Regulation and Items 3.4, 3.6, 4.7, 6.3 and 7.3 of the same Regulations. To remedy the violations and align the company’s activities with the requirements of the relevant legislation, pursuant to Articles 13-7.1.2 and 13-7.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank decided to temporarily suspend License VMF-02, dated 8 December 2021 issued to Delta Capital LLC for currency exchange operations, effective for a period of 1 (one) month, starting from 28 August 2025.

The Central Bank of the Republic of Azerbaijan, as part of its supervisory processes, determined that Zuhur LLC failed to comply with binding instructions and repeatedly violated the requirements of Article 16-1.1 of the Law of the Republic of Azerbaijan on Currency Regulation and Item 4.7 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations. To remedy the violations and align the company’s activities with the requirements of the relevant legislation, pursuant to Articles 13-7.1.2 and 13-7.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank decided to temporarily suspend License VMF-03, dated 15 March 2022, issued to Zuhur LLC for currency exchange operations, effective for a period of 1 (one) month, starting from 28 August 2025.

The Central Bank of the Republic of Azerbaijan, as part of its supervisory processes, determined that Meta-Kapital LLC failed to comply with binding instructions and committed violations of the requirements of Items 3.7, 4.10, 5.2, 6.6 and 6.7 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations and repeated violations of Items 3.6, 4.7, and 6.5 of the same Regulations. To remedy the violations and align the company’s activities with the requirements of the relevant legislation, pursuant to Articles 13-7.1.2 and 13-7.2 of the Law of the Republic of Azerbaijan ‘on Currency Regulation’, the Central Bank decided to temporarily suspend License VMF-05, dated 13.05.2022, issued to “Meta-Kapital” LLC for currency exchange operations, effective for a period of 1 (one) month, starting from 18.08.2025.

Pursuant to Article 430.3 of the Code of Administrative Offences, an official of MMK-014 LLC has been fined AZN5,060 (five thousand and sixty), due to the violation of the requirements of Items 3.4 and 3.6 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations as part of current supervisory processes by the Central Bank of the Republic of Azerbaijan.

Pursuant to Article 430.3 of the Code of Administrative Offences, an official of Eliko LLC has been fined AZN14 169.23 (fourteen thousand and one hundred sixty-nine manats and twenty-three gapiks), due to the violation of the requirements of Item 3.6 of the Regulation on currency exchange operations by currency exchange license holders and on supervision of currency exchange operations as part of current supervisory processes.

In accordance with Article 13-7.1.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank of the Republic of Azerbaijan issued a binding instruction on Eliko LLC regarding the submission of reports within the period specified in the legislation, due to the delayed delivery of monthly reports for the period ending February 2025 in violation of the requirements of Item 7.1 of the ‘Regulation on currency exchange operations by currency exchange license holders and supervision of exchange operations of currency exchange license holders’.

In accordance with Article 13-7.1.2 of the Law of the Republic of Azerbaijan on Currency Regulation, the Central Bank of the Republic of Azerbaijan issued a binding instruction on Meta-Kapital LLC regarding the submission of reports within the period specified in the legislation, due to the delayed delivery of monthly reports for the period ending February 2025 in violation of the requirements of Item 7.1 of the ‘Regulation on currency exchange operations by currency exchange license holders and supervision of exchange operations of currency exchange license holders’.

The Sabail District Court of Baku fined the official of ‘Bakı Mərkəzi Valyuta’ LLC AZN1,000 (one thousand) in accordance with Article 602.4 of the Code of Administrative Offences, due to violations of the requirements of the currency regulation legislation, revealed as part of ongoing supervision by the Central Bank of the Republic of Azerbaijan.

The Yasamal District Court of Baku fined the official of ‘Eliko’ LLC AZN1,500 (one thousand and five hundred) in accordance with Article 602.4 of the Code of Administrative Offences, due to violations of the requirements of the currency regulation legislation, revealed as part of ongoing supervision by the Central Bank of the Republic of Azerbaijan.

The official of ‘Eliko’ LLC was fined AZN10 334 (ten thousand three hundred and thirty-four) in accordance with Article 430.3 of the Code of Administrative Offences, due to violations of the requirements of the currency regulation legislation, revealed as part of ongoing supervision by the Central Bank of the Republic of Azerbaijan.

The Yasamal District Court of Baku fined the official of Meta Capital LLC AZN1,000 (one thousand) in accordance with Article 602.4 of the Code of Administrative Offences, due to violations of the requirements of the currency regulation legislation as part of ongoing supervision by the Central Bank of the Republic of Azerbaijan.

The Yasamal District Court of Baku fined the official of Delta Capital LLC AZN1,000 (one thousand) in accordance with Article 602.4 of the Code of Administrative Offences, due to violations of the requirements of the currency regulation legislation as part of ongoing supervision by the Central Bank of the Republic of Azerbaijan.

The official of Delta Capital LLC was fined AZN2886 (two thousand eight hundred and eighty six) by the Central Bank in accordance with Articles 430.3 and 439-1 of the Code of the Administrative Offences due to the violation of the requirements of Article 16-1.1 the Law of the Republic of Azerbaijan ‘on Currency regulation’ and Items 3.4, 4.5, 4.7, 4.14, 6.1, and 6.5 of the ‘Regulation on currency exchange operations by currency exchange license holders and supervision of Exchange operations of currency exchange license holders’ during the Central Bank's ongoing supervisory processes.

The official of Delta Capital LLC was fined AZN32 767 (thirty-two thousand seven hundred seventy-seven) by the Central Bank in accordance with Articles 430.3 and 439-1 of the Code of the Administrative Offences due to the violation of the requirements of Article 16-1.1 the Law of the Republic of Azerbaijan ‘on Currency regulation’ and Items 3.4, 3.6, 4.7, 4.14, 6.1, and 6.5 of the ‘Regulation on currency exchange operations by currency exchange license holders and supervision of Exchange operations of currency exchange license holders’ during the Central Bank's ongoing supervisory processes.

‘Legion Financial’ OJSC was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

‘LEVEL LEASING’LLC was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

‘Ekolizinq’ LLC was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

The ‘Prior Leasing’ OJSC lease company and its official were fined AZN50000 (fifty thousand) and AZN10000 (ten thousand) respectively by the Baku city Narimanov district court in accordance with Articles 598.1.1 and 598.1.2 of the Civil Code of the Republic of Azerbaijan due to the violation of the requirements of the legislation on the prevention of legalization of criminally obtained property and the financing of terrorism, identified as part of thematic supervision conducted by the Central Bank of the Republic of Azerbaijan.

As part of a scheduled thematic inspection by the Central Bank of the Republic of Azerbaijan, the Nasimi District Court of Baku fined GL OJSC, engaged in pawnshop activities, and its official AZN50000 (fifty thousand) and AZN10000 (ten thousand) respectively in accordance with Articles 598.1.1, 598.1.2 and 598.4 of the Code of Administrative Offences, due to the violation of the legislation on the prevention of the legalization of criminally obtained property and the financing of terrorism.

‘Güvənli’ LLC engaged in pawnshop activities and its official were fined AZN20000 (twenty thousand) and AZN2000 (two thousand) respectively by the Baku city Nasimi district court in accordance with Article 598.1.2 of the Code of the Republic of Azerbaijan on Administrative Offences due to the violation of the requirements of the legislation on the prevention of legalization of criminally obtained property and the financing of terrorism, identified as part of thematic supervision conducted by the Central Bank of the Republic of Azerbaijan.

‘Kredit Evi’ OJSC engaged in pawnshop activities and its official were fined AZN50000 (fifty thousand) and AZN10000 (ten thousand) respectively by the Baku city Narimanov district court in accordance with Articles 598.1.1, 598.1.2 and 598.4 of the Civil Code of the Republic of Azerbaijan due to the violation of the requirements of the legislation on the prevention of legalization of criminally obtained property and the financing of terrorism, identified as part of thematic supervision conducted by the Central Bank of the Republic of Azerbaijan.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, Kristal Baku OJSC was fined AZN2,500 (two thousand and five hundred) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 03.11.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, A+CO OJSC was fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 14.11.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, Finoko NBCI OJSC was fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 29.10.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, DIADEM OJSC was fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 30.10.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

As part of ongoing supervision by the Central Bank of the Republic of Azerbaijan, Ecoleasing LLC was fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses, by a court decision dated 31.10.2025, due to a violation of the rules for submitting reports within the period established by legislation and for disclosing information to the public through the Electronic Information Disclosure System.

As part of current supervisory processes carried out by the Central Bank of the Republic of Azerbaijan, VMF company has been fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses due to violations of the rules for submitting and disclosing reports within the period prescribed by law through the Electronic Information Disclosure System.

As part of current supervisory processes carried out by the Central Bank of the Republic of Azerbaijan, Merano-Baku OJSC has been fined AZN2,000 (two thousand) in accordance with Article 422 of the Code of Administrative Offenses due to violations of the rules for submitting and disclosing reports within the period prescribed by law through the Electronic Information Disclosure System.

A+CO OJSC was fined AZN2500 (two thousand five hundred) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

“Aqrar İnnovasiya və Təchizat şirkəti’ OJSC was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.

‘AzeSteelCompany’ OJSC was fined AZN2000 (two thousand) in accordance with Article 422 of the Code of Administrative Offences, due to the violation of the regulations regarding the submission of reports within the period specified by legislation and failure to disclose them through the Electronic Data Disclosure System, detected during current supervisory efforts by the Central Bank of the Republic of Azerbaijan.