OMM Newsroom
The Central Bank of Azerbaijan (CBA) has imposed a substantial fine on Mpay LLC for violations of financial regulations.
Operative Information Center-OMM reports that during inspections conducted at Mpay LLC, several instances of non-compliance with the Law "On Combating the Laundering of Criminally Obtained Property and the Financing of Terrorism" were identified. The regulator determined that the company violated the requirements of Articles 598.1.1, 598.1.2, and 598.1.6 of the Code of Administrative Offenses.
As a result of these findings, the legal entity was fined 50,000 manats, while a high-ranking official within the company was fined an additional 10,000 manats, bringing the total penalty to 60,000 manats. The enforcement action underscores the regulator's commitment to maintaining the integrity of the financial system in Azerbaijan and ensuring that payment service providers adhere to strict transparency standards.
The Central Bank of Azerbaijan serves as the primary regulatory body for the country's banking and payment sectors, continuously monitoring financial institutions to prevent illicit financial flows. In recent years, Azerbaijan has significantly strengthened its legal framework regarding Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) to align with international standards and recommendations from the Financial Action Task Force (FATF).
