15:48 - 16.09.2025

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September 16, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has given mandatory instructions to credit unions Total Finans and Işgüzar.

Since the credit unions did not provide financial statements for 2024 that passed an external audit, the requirement of Article 17.3 of the Law on Credit Unions was not satisfied, ABC.AZ informs with reference to the CBA.

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.