Financial Crime World

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Azerbaijan Toughens CFT Regulations to Combat Terrorism Financing

In a bid to strengthen its anti-money laundering and combating financing of terrorism (AML/CFT) framework, Azerbaijan has introduced new regulations aimed at countering the financing of terrorism. The country’s financial institutions and non-financial professionals are now required to implement robust measures to prevent their systems from being used for illicit activities.

New Regulations

The new regulations, which came into effect in 2023, require:

  • Financial institutions, including credit institutions, investment companies, investment funds, and other entities providing financial services, to develop effective compliance systems to identify and report suspicious transactions.
  • Non-financial professionals such as realtors, lawyers, notaries, and independent persons providing legal, accounting, and tax consulting services to implement robust measures to prevent their systems from being used for illicit activities.

PwC Azerbaijan’s Support

As a leading provider of AML/CFT solutions, PwC Azerbaijan is committed to helping its clients navigate the complex regulatory landscape. The firm offers a range of services to support its clients in implementing effective AML/CFT systems, including:

  • Advice on developing independent and effective compliance systems
  • Comprehensive guidance on implementation and optimization of AML/CFT systems
  • Support with customer due diligence processes

Expertise and Training

PwC Azerbaijan’s experts are available to provide training on:

  • Statutory obligations
  • Market standards
  • Requirements of supervisory authorities

With a team of experienced legal consultants, PwC Azerbaijan is well-equipped to help its clients navigate the complex regulatory environment and ensure compliance with Azerbaijan’s new CFT regulations.

Contact Us

For more information on how PwC Azerbaijan can support your AML/CFT needs, please contact: