The minimum requirements for obliged entitie's internal control program UPDATED
The Financial Monitoring Service of the Republic of Azerbaijan adopted a Decision on the approval of the "Minimum Requirements to be met by the internal control program of liable persons" for the purpose of implementation of the Decree of the President of the Republic of Azerbaijan dated January 31, 2023 "On the implementation of the Law No. 781-VIQ of the Republic of Azerbaijan dated December 30, 2022 on the fight against the legalization of criminally obtained property and the financing of terrorism".
Hereby, "Requirements for the organization of internal control systems for activities against the legalization of criminally obtained money or other property and the financing of terrorism of monitoring participants who are legal entities and other persons participating in monitoring" and "Requirements for the professional qualification and experience of the persons responsible for the organization of the internal control system created by the monitoring participants who are legal entities and other persons participating in the monitoring" previously approved by the Decision of the Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan lost their force.
Obliged entities should be guided by these Requirements during their activities.
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