17:14 - 15.09.2025

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September 15, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has issued mandatory instructions to the credit unions Ləman, Stumul and Inci Kredo.

ABC.AZ reports with reference to the CBA that since the credit unions did not submit financial statements for 2024 that were externally audited, the requirement of Article 17.3 of the Law on Credit Unions was not satisfied.

In accordance with the requirements of subparagraph 4.4.4 "Procedure for issuing a banking license to a credit union", credit institutions are required to conduct an external audit of financial statements and provide official information to the organization with supporting documents.