According to the Law of the Republic of Azerbaijan «On the Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism» (hereinafter - the Law), there are relevant rights and obligations of postal service enterprises engaged in money transfer.
not to be held liable for the dissemination of legally protected secrets related to the relevant operations, as well as for the material and moral damage caused by the dissemination of information, when honestly submitting information on the operations to be monitored to the financial intelligence unit (FIU) in accordance with the requirements of the Law;
being informed about the results obtained in exchange for the information submitted to the FIU.
identification and verification of customers and beneficial owners;
acquiring of information on the purpose and essence of business relationships from customer and regular update of the information;
application of additional identification measures on high-risk transactions;
taking measures for identification of politically exposed persons or beneficiaries of foreign States;
identification of purpose and essence of all complex, large-scope, unusual, as well as clearly non-economic or illegal transactions and development of written report on them;
storage of relevant documentation for at least five years;
when required by law, development and introduction of internal control systems;