Central Bank conducts 18 inspections and implemented 47 control measures

During the first half of this year, the Central Bank of Azerbaijan (CBA) has conducted a total of 18 inspections along with 47 control measures to oversee the financial sector's operations, Azernews reports.

Significant financial penalties were imposed during this period, amounting to a total of 135,609 thousand manat in fines and financial sanctions.

Over the course of six months, the CBA took decisive actions regarding the licensing of entities in the financial sector. Specifically, it canceled, suspended, or restricted 37 licenses across various categories.

Among these actions, the licenses of 28 individuals and 2 legal entity insurance agents were suspended, reflecting the regulatory authority's commitment to maintaining oversight and compliance within the industry.

At the same time, licenses of 6 individual insurance agents were revoked, along with one exclusive legal entity insurance agent's license.