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Trainings held for the bank compliance officers and specialists

21 June 2019

The Financial Monitoring Service of the Republic of Azerbaijan conducted trainings on “AML/CFT typologies from national and world practices”, “New requirements in AML/CFT legislation” and “Internal control system and its requirements” within the framework of the 2019 Training Plan for compliance officers and specialists of the commercial banks operating in the Republic of Azerbaijan.

The issues like typology schemes on legalization of revenues derived from the sale of narcotics using electronic money wallets and misappropriation of the public funds, legislative changes and their impact on bank liabilities, internal control system, its structural elements, existing problems in this field and ways to solve them were covered.

The purpose of the trainings was to build capacity of the banks in identification of high risk customers and products, improvement of risk management policies in the relevant field, increasing quality of the reports submitted to the Financial Monitoring Service as well as ensuring that internal control systems are effective and in line with the requirements of national legislation, and familiarize them with the widest spread mechanisms, tools and indicators for sale of narcotics, as well as legalization of revenues gained from the misappropriation of public funds.

In total, about 30 people participated in the trainings within 4 study days.