BAKU, Azerbaijan, April 7. The Central Bank of
Azerbaijan (CBA) has issued an enforcement order to AFB Bank OJSC,
and held the bank's official administratively accountable by fining
2,000 manat ($1,180), the statement of the CBA says, Trend reports.
According to the statement, AFB Bank OJSC didn't provide written
notification to the CBA within the prescribed timeframe regarding
appointments and changes to supervisory positions. This was
considered a violation of Articles 10.6 and 15.2 of Azerbaijan's
law "On banks". In accordance with Article 47 of the law, the CBA
issued an enforcement order requiring the bank to improve its
internal procedures to prevent similar occurrences in the
future.
Additionally, a violation of the rules regarding the form,
content, and submission of prudential reports by AFB Bank OJSC was
identified. For this violation, based on Article 47 of the law "On
banks" and Article 439.2 of the Code of Administrative Offenses,
the bank's official was fined 2,000 manat.
The CBA emphasized that the violations in the reporting form do
not pose any threat to the bank's financial stability.
The bank was registered under the name Azfinansbank OJSC in
2008. It rebranded in 2009 and became AFB Bank OJSC. The bank's
charter capital is 70 million manat ($41.5 million), and its legal
representative is Orkhan Khubanli.
