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A meeting held with bank officials

November 18, 2019

A meeting was held with the officials of the banks operating in the Republic of Azerbaijan on combating the legalization of money or other property obtained through criminal activity and the financing of terrorism (AML / CFT) organized by the Financial Monitoring Service (Service) of the Republic of Azerbaijan at the Baku Business Center on November 18, 2019.

The major objectives of the meeting were to improve the quality of reports submitted by monitoring participants, to discuss emerging technical issues, as well as to provide methodological support in order to advance existing systems.

Extensive information on the indicators of suspicious transactions that have to be monitored, in addition to an example of compiling such reports were provided and explained during the meeting. The procedure of legalizing cash or other property obtained through criminal activity and rules of sending suspicious information about terrorist financing were also discussed. In conclusion, new software was presented to participants and explained how to use it on the search of persons to whom sanctions should be applied, as well as legal entities in their possession or control as part of the fight against terrorism financing.

At the end of the meeting, the Service staff answered the questions of bank officials responsible for AML/CTF issues in the relevant field.