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The Ministry of Finance of the Republic of Azerbaijan supervises the observance of the AML/CFT legislation requirements by the following monitoring entities: i) insurers, reinsurers and insurance intermediaries; ii) natural or legal persons dealing with purchase and sale of precious stones and precious metals, as well as jewelry or other items made of precious stones or metals. The State Insurance Control Service and the State Service on Control over Precious Metals and Precious Stones under the Ministry of Finance undertakes direct supervision over the above-mentioned business entities. Within the cooperation between the Ministry of Finance and the Financial Monitoring Service, actors of the insurance services market and the precious metals and precious stones business market have been involved in trainings and seminars related to AML/CFT. At the same time, via the Ministry of Finance, the monitoring entities from this group are provided with red flags on suspicious transactions, requirements towards compliance officers, relevant normative and methodological documents on submission of data to the monitoring authority. At present, the relevant structures of the Financial Monitoring Service and the Ministry of Finance are undertaking joint activities to finalize the process of formation of internal control systems in insurance companies and companies involved in precious stones and precious metals business.
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