The Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan is the government authority that implements the powers identified by the legislation on the prevention of legalization of criminally obtained funds and other property and financing of terrorism.
The Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan was established by the Presidential Decree No 66 of the Republic of Azerbaijan dated 23 February 2009.
The Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan was established to implement the state policy in prevention of legalization of criminally obtained funds and other property and financing of terrorism in the Republic of Azerbaijan, improve the supervision system and coordinate the activity of relevant government authorities.
The Statute of the Financial Monitoring Service under the Central Bank of the Republic of Azerbaijan was approved by the Presidential Decree No 122 of the Republic of Azerbaijan dated 16 July 2009.
AML\CFT Law of the Republic of Azerbaijan was drafted based on the standards identified in FATF 40+9 Recommendation and other major international instruments.
Latest version of Bank “BTB” OJSC`s AML policies was approved by the Supervisory Board on 02 April 2015 and current AML officer was appointed on 01 September 2013. Bank`s written polices include preventing, detecting and reporting suspicious transactions (STR) and reporting current transactions (CTR), prohibiting accounts/relationships with shell banks, covering relationships with Politically Exposed Persons (PEPs), their family and close associates, monitoring unusual and potentially suspicious activity on funds transfers, applying AML policies and practices to all of the Bank`s branches and divisions.
Bank`s AML procedures and policies designed to obtain, verify and maintain information regarding the true identity of customers and the origin or ultimate beneficial owners of the funds. Bank has procedures to establish a record for each new customer, determining their true identity and noting their respective identification documents and know your customer (KYC) information. There are also policies to reasonably ensure that the Bank only operates with correspondent banks that possess licenses to operate in their countries of origin.
Bank screens customers against lists of persons, entities or countries issued by the UN Security Council, EU, OFAC/SDN and the Azerbaijan government or other competent authorities and also uses services of "World-Check" company of "Thomson Reuters". There are policies and practices for identifying and reporting transactions that are required by applicable law to be reported to the authorities. Bank regularly provides training to its employees on identifying and reporting transactions that must be reported to government authorities, examples of different forms of money laundering involving the Bank`s products and services and promptly communicates all changes to AML - related laws, policies or procedures.