Meeting held on implementing customer due diligence in banks

24-01-2025

January 24, 2025: A meeting was held with the participation of the Central Bank of the Republic of Azerbaijan, the Financial Monitoring Service of the Republic of Azerbaijan, the Azerbaijan Banks Association (ABA), as well as executives and compliance specialists from all banks operating in the country.

The meeting, which took place on January 23, discussed the challenges faced by banks in implementing customer due diligence measures to combat the legalization of criminally obtained assets and the financing of terrorism, and how to overcome them.

The event featured a presentation by the Financial Monitoring Service on the requirements of international standards in this area, the national regulatory framework, and a risk-based approach to the application of customer due diligence measures, and discussed the proposals in this direction.

As a result of the meeting, it was agreed that the working group of representatives of the Central Bank, the Financial Monitoring Service and the ABA, which carries out activities to improve the regulatory framework for customer due diligence, will continue to work together in this direction.