Financial Crime World

Compliance Risks for Financial Institutions in Azerbaijan Pose Significant Threats

Financial institutions in Azerbaijan are facing significant compliance risks as they navigate the complex regulatory landscape of anti-money laundering (AML) and combating financing of terrorism (CFT). The country’s AML/CFT laws, which came into effect in 2023, have introduced new requirements for financial institutions to adhere to.

Compliance Risks

  • Failure to establish an effective compliance system
  • Inadequate procedures for monitoring transactions
  • Insufficient identification and reporting of suspicious activities

These failures can result in severe penalties, including fines and even criminal prosecution. Furthermore, non-compliance can also lead to reputational damage and loss of customer trust.

Expert Solutions from PwC Azerbaijan

At PwC Azerbaijan, our team of experts has extensive experience in providing comprehensive AML/CFT solutions to financial institutions. Our holistic approach ensures that clients not only meet legal requirements but also align their compliance systems with the logic of their business.

“We understand the importance of building relationships with our clients and ensuring that our AML/CFT solutions do not inconvenience them,” said Leyla Sadikhova, Senior Legal Manager at PwC Azerbaijan. “Our approach is guided by the belief that our solutions meet legal requirements while also aligning with the logic of our clients’ businesses.”

Services

  • Comprehensive advice on development and implementation of compliance systems
  • Customer due diligence processes
  • Support in identifying and managing AML risks
  • Legal and compliance audits of AML/CFT systems
  • Training to obligated institutions on statutory obligations

By partnering with PwC Azerbaijan, financial institutions can ensure that they are fully compliant with AML/CFT laws and regulations while minimizing the impact on their business operations.

Contact Us

For more information on how PwC Azerbaijan can help your organization navigate the complex compliance landscape, please contact:

We are committed to helping financial institutions in Azerbaijan ensure compliance with AML/CFT regulations and maintain a strong reputation in the market.