Azerbaijan minimizes risks through fighting money laundering

The Financial Monitoring Service under the Azerbaijani Central Bank (CBA) has prepared a manual in accordance with the policy "Know the client" in the field of combating money laundering obtained as a result of criminal activity or other property and financing terrorism in Azerbaijan, the service said today.

The manual has been prepared in accordance with international standards and national legislation. It aims at minimizing the risks which the entity of monitoring may encounter.

Using "Know the client" policy helps prevent financial crimes involving the entities of monitoring, protect a professional image of the entities and the whole financial system and improve transparency

The monitoring includes the activities of credit, insurance and reinsurance organizations, pawnshops, investment funds, transactions with precious metals and stones, the activities of nongovernmental and religious organizations, organizers of lotteries, the people providing services to purchase real estate, as well as lawyers, accountants, real estate transactions, client money, securities and property, client bank and deposit accounts.

The Financial Monitoring Service under the CBA was established in accordance with the decree of President Aliyev on Feb.23, 2009.


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