​An incident of illegal banking prevented in Azerbaijan

Baku. 2 July. REPORT.AZ/ Regular meeting of the Board of Directors of Financial Markets Control Chamber was held. The meeting discussed a number of current issues, including measures for banking sector supervision.

Report informs citing the Chamber, as a result of monitoring, FMCC revealed a structural unit at Sumgayit branch of Azerbaijan's Parabank OJSC, which provides banking services illegally, without the proper authorization.

In accordance with the law ‘on Banks’, the Board of Directors decided to liquidate the license of Sumgayit branch of OJSC Parabank for conducting banking activities, to ban opening of branches and offices of Parabank OJSC within one year and release administrators of the Sumgayit branch from their posts.

Monitoring in financial markets continues. In case of violation found, the relevant steps will be taken in accordance with the law.