BAKU, Azerbaijan, September 3. The Central Bank
of Azerbaijan (CBA) has taken administrative measures against two
companies operating in the payment services market.
This was reflected in the statement of the CBA.
According to the information, an on-site inspection conducted by
the CBA at Baku Pay LLC from March 31 to April 15, 2026, revealed
violations of legal requirements related to ensuring the security
of funds.
In this regard, an official of the company was fined 2,000
manats in accordance with Article 439-2.2 of Azerbaijan’s Code of
Administrative Offenses.
Another case involved Global Innovations LLC. During an on-site
inspection carried out by the CBA from February 24 to March 17,
2026, the company was found to have violated several requirements
of legislation on combating the legalization of property obtained
through crime and the financing of terrorism.
In connection with the identified violations, Global Innovations
LLC was fined 50,000 manat ($29,411) as a legal entity under
Articles 598.1.1, 598.1.2, 598.1.5, and 598.4 of Azerbaijan’s Code
of Administrative Offenses.
According to the CBA, administrative measures against both
companies were applied following violations identified during
on-site inspections.
