Azerbaijan advances risk management to combat financial crime

Azerbaijan is set to establish a robust risk management model to tackle the legalization of criminally obtained property and the financing of terrorism.

According to the Financial Monitoring Service, this initiative was discussed during a meeting involving the organisation, the Central Bank of Azerbaijan (CBA), the "Azerbaijan Banks Association" (ABA) Public Union, local bank executives, and compliance specialists.

The gathering addressed challenges faced by banks in implementing legislation aimed at combating financial crimes and explored solutions to overcome these obstacles. Over 60 representatives participated in the event, which was praised as a vital step in strengthening the partnership between public and private sectors in this field.

Attendees received an overview of international standards set by the Financial Action Task Force and corresponding local legislation. The Financial Monitoring Service presented its risk-based approach to aligning measures with these standards.

Following the presentation, participants engaged in detailed discussions, concluding that the development of an effective risk management model would enhance the implementation of legislation in line with global benchmarks.

The meeting ended with an agreement to continue the efforts of the working group, comprising representatives of the Financial Monitoring Service, the CBA, and the ABA, to advance and refine this model.