Decision on approval of "Rules on customer due diligence measures, identification of risk factors and attribution of customer profile to risk groups during the introduction of new technologies" was adopted by the Financial Monitoring Service of the Republic of Azerbaijan 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".
Thus, the Rules on "Simplified Custumer Due Diligence" of the Central Bank of the Republic of Azerbaijan, which were in force earlier, have lost their validity.
Obliged entities should be guided by these Rules during their operational activities.
Click here to see the Decision.