FMSA imposes sanctions on banks avoided releasing statements

FMSA imposes sanctions on banks avoided releasing statements
# 23 November 2016 07:49 (UTC +04:00)

Despite the letter was sent on October 30, over 10 banks did not release the statements. Therefore, on November 21, the Authority has sent warning letter to ten banks about imposing sanctions on them.

According to the letter, sanctions will be imposed on those banks which don’t obey the requirement of the law. The sanctions include prohibition of launch of new branches and department, opening of new accounts and reception of new deposits. the prohibitions may be eliminated after the statements are publicized and the Authority is informed about it.

After warning letter, the banks hiding their statements started to obey the rules and posted their statements on nine months on their websites.

Adviser to the FMSA Board of Directors Rufat Abbasov told APA-Economics that the Authority gives priority to ensuring of transparency in the financial sector.

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THE OPERATION IS BEING PERFORMED