Financial Crime World

Azerbaijan: Regulatory Bodies Strengthen AML/CFT Compliance to Combat Fraud

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Azerbaijan’s financial institutions and non-financial professionals are set to benefit from a comprehensive approach to anti-money laundering and combating financing of terrorism (AML/CFT) compliance. The country’s regulatory bodies have taken steps to ensure that businesses operating in the region comply with the latest laws.

AML/CFT Law: Requirements and Consequences

The AML/CFT law, which came into effect in 2023, requires financial institutions and non-financial professionals to implement effective compliance systems to prevent money laundering and terrorist financing. Failure to comply can result in severe consequences, including fines and even criminal charges.

Importance of Holistic Approach

Experts emphasize the importance of a holistic approach to AML/CFT compliance. This involves not only meeting legal requirements but also aligning with business logic. “A comprehensive solution is necessary to ensure that businesses optimize their compliance systems and minimize risks,” said Farid Ganbarov, Experieanced Legal Consultant at PwC Azerbaijan.

PwC Azerbaijan’s AML/CFT Solution

PricewaterhouseCoopers (PwC) Azerbaijan Legal Practice has developed a comprehensive AML/CFT solution for clients in the country. The firm’s Senior Legal Manager, Leyla Sadikhova, emphasized the importance of building relationships with clients and ensuring that compliance mechanisms do not inconvenience them.

  • Developing independent and effective compliance systems
  • Implementing and optimizing AML/CFT procedures
  • Conducting legal and compliance audits

Regulatory Bodies’ Efforts

Regulatory bodies in Azerbaijan have also taken steps to ensure that financial institutions and non-financial professionals comply with the latest laws. The country’s central bank has issued guidelines for AML/CFT compliance, while the Financial Monitoring Service has established a system for monitoring suspicious transactions.

Industry Expert Opinion

Industry experts believe that the strengthened regulatory framework will help combat fraud and money laundering in Azerbaijan. “The new laws demonstrate the country’s commitment to combating financial crime and protecting its financial system,” said an industry expert. “We expect to see increased cooperation between regulators, financial institutions, and law enforcement agencies to ensure effective implementation of AML/CFT measures.”

Contact Information

For more information on PwC Azerbaijan’s AML/CFT solution, contact:

  • Leyla Sadikhova at +994 55 500 19 40
  • Farid Ganbarov at +994 55 500 11 62