Financial Crime World

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Azerbaijan Tightens Anti-Money Laundering Regulations in 2023

In a bid to strengthen its financial system and combat fraud, Azerbaijan has introduced new anti-money laundering (AML) and combating financing of terrorism (CFT) regulations. These measures aim to enhance transparency and prevent illicit activities in the financial sector.

New Laws Require Robust AML/CFT Systems and Procedures

According to PwC Azerbaijan Legal Practice, the new laws require financial institutions and non-financial professionals to implement robust AML/CFT systems and procedures to ensure compliance with international standards. The law also imposes stricter requirements for:

  • Customer Due Diligence: Financial institutions must conduct thorough due diligence on their customers to identify potential risks.
  • Enhanced Customer Screening: Institutions must screen customers against international sanctions lists and other restricted parties.
  • Reporting of Suspicious Transactions: Financial institutions must report suspicious transactions to the relevant authorities.

PwC Azerbaijan’s AML/CFT Services

PwC Azerbaijan’s legal services team is well-equipped to guide clients through this complex regulatory landscape. Led by Senior Legal Manager Leyla Sadikhova and Experienced Legal Consultant Farid Ganbarov, the team offers comprehensive support in:

  • Developing Effective Compliance Systems: PwC Azerbaijan helps clients design and implement AML/CFT systems that meet international standards.
  • Implementing AML/CFT Procedures: The team provides guidance on implementing procedures to prevent illicit activities and detect suspicious transactions.
  • Ensuring Regulatory Compliance: PwC Azerbaijan ensures that clients are compliant with the new laws and regulations.

Our Approach

“Our holistic approach ensures that our clients’ businesses are not only secure but also strategically positioned for success,” said Leyla Sadikhova. “We understand the importance of building strong relationships with our clients and will work closely with them to ensure that their day-to-day operations are seamless and compliant.”

Who is Affected?

The new regulations apply to:

  • Financial Institutions: Credit institutions, investment companies, investment funds, and pawnbrokers.
  • Non-Financial Professionals: Realtors, lawyers, notaries, and independent persons providing legal, accounting, and tax consulting services.

Contact Us

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