Azerbaijan renews criteria for suspicious transactions

Special indicators for transactions subject to monitoring were renewed to improve the national system in counteracting the law on money or other property obtained in a criminal way and the financing of terrorism in Azerbaijan. This will take into account the proposals for monitoring and international experience, the Financial Monitoring Service under the Central Bank of Azerbaijan (CBA) said on Thursday.

The criteria (specific indicators) of determining the facts that give rise to doubts in connection with money or other property obtained via a criminal way and the financing of terrorism have been prepared on the basis of the provisions of the Financial Monitoring Service. They were approved on December 30, 2011.

Special indicators are used to detect attempts to conduct these operations and inform the Financial Monitoring Service about this.

Along with the approved criteria, the Financial Monitoring Service must determine the specific indicators within the internal control systems taking into account the characteristics of the monitoring agencies

The Financial Monitoring Service was established in accordance with President Ilham Aliyev's decree dated Feb. 23, 2009. The monitoring covers credit institutions, insurance and reinsurance organisations, the professional securities market, the leasing services of credit institutions, money transfers through post offices and other organisations, pawn shops, investment funds, transactions with precious metals, stones and purchase products, non-governmental and religious organisations, lotteries, and providing real estate services.


/Trend/