Azerbaijan Advances Risk Management To Combat Financial Crime
Date
1/24/2025 3:10:19 AM
(MENAFN- AzerNews)
Akbar Novruz
Read more
Azerbaijan is set to establish a robust risk management model to
tackle the legalization of criminally obtained property and the
financing of terrorism, Azernews reports.
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.
MENAFN24012025000195011045ID1109125086
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.