Title: Azerbaijani Banks and Investment Companies Brace for Virtual Asset Money Laundering and Terrorism Financing Risks

Subtitle

In a collaborative initiative between the Financial Monitoring Service of Azerbaijan (FMS) and the Council of Europe, financial sector representatives underwent intensive training to recognize and mitigate the risks of money laundering and terrorism financing in relation to virtual assets.

Training Program for Financial Sector Professionals

This section details the essential milestone training program for representatives from 42 Azerbaijani banks and investment companies.

Collaborative Initiative

The training, executed under the Economic Crime and Cooperation Division, emphasized the importance of a robust and informed financial sector in maintaining the integrity of Azerbaijan’s economy, safeguarding public trust, and strengthening partnerships.

Topics Covered

The two-day intensive course, facilitated by industry experts, covered a multitude of topics:

1. Virtual currencies and tokens
2. Transfer mechanisms
3. Risk assessment methodologies
4. International best practices

Practical Exercises

Attendees also underwent practical exercises to hone their skills and become adept at identifying and managing risks associated with virtual asset transactions.

The Importance of Combating Money Laundering and Terrorism Financing with Virtual Assets

With virtual assets growing in popularity, this training program equips banks and investment companies to better navigate the complex and increasingly digital world of financial transactions.

Future Initiatives

The Council of Europe, as a leading organization dedicated to upholding European values, is committed to collaborating with Azerbaijani regulatory bodies to further financial crime prevention efforts. Future training workshops and knowledge-sharing initiatives are already in the works.