Financial Crime World

Azerbaijan Tightens FinTech Anti-Money Laundering Regulations to Combat Fraud

The Republic of Azerbaijan has introduced new anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, aimed at strengthening the financial sector’s ability to detect and prevent fraudulent activities. This move is expected to boost confidence in the country’s financial system and ensure compliance with international standards.

New Regulations for Financial Institutions

The new laws require financial institutions, including credit institutions, investment companies, and virtual asset service providers, to implement robust AML/CFT systems to identify and mitigate risks associated with money laundering and terrorist financing. Additionally, non-financial institutions and professionals, such as realtors, lawyers, and notaries, are also subject to these regulations.

PwC Azerbaijan’s Holistic AML/CFT Solution

PricewaterhouseCoopers (PwC) Azerbaijan Legal Practice has launched a comprehensive AML/CFT solution to support financial and non-financial institutions in strengthening their combat against money laundering and terrorist financing. This solution includes:

  • Risk evaluation
  • Procedure development
  • Regulatory compliance guidance

According to Leyla Sadikhova, Senior Legal Manager at PwC Azerbaijan, “We understand the importance of building relationships with our clients while ensuring compliance with the new laws. Our AML/CFT solution is designed to meet legal requirements while aligning with the logic of each business.”

Key Components of PwC’s AML/CFT Law Solution

PwC’s AML/CFT Law solution provides comprehensive support in areas such as:

  • Independent and effective compliance system development
  • Implementation and optimization of AML/CFT systems
  • Customer due diligence process support
  • Training on statutory obligations

Impact on Azerbaijan’s Financial Sector

The new regulations are expected to have a significant impact on Azerbaijan’s financial sector, with PwC estimating that the country’s banks and other financial institutions will need to invest heavily in AML/CFT systems and staff training. However, experts believe that this move will ultimately benefit the country by enhancing its reputation as a stable and secure financial hub.

Contact Information

For more information about PwC Azerbaijan’s AML/CFT Law solution, please contact: