The Central Bank of the Republic of Azerbaijan held a joint meeting with the Republic of Azerbaijan Financial Monitoring Service, the Azerbaijan Banks Association and representatives of all banks to discuss difficulties banks face when applying customer due diligence measures for anti-money laundering and counter-terrorist financing purposes. The 23 January 2025 meeting brought together bank executives and compliance specialists and covered relevant international standards, the national legislative framework and the Financial Monitoring Service’s guidance on a risk-based approach to implementing customer due diligence measures, alongside discussion of related proposals. The parties agreed that the standing working group comprising representatives of the Central Bank, the Financial Monitoring Service and the Azerbaijan Banks Association would continue joint work aimed at improving the regulatory framework for customer due diligence measures.
Central Bank of the Republic of Azerbaijan 2025-01-24
Central Bank of the Republic of Azerbaijan convenes banks on customer due diligence challenges and continues working group to improve rules
The Central Bank of the Republic of Azerbaijan met with the Financial Monitoring Service, Azerbaijan Banks Association, and bank representatives to address challenges in customer due diligence for anti-money laundering and counter-terrorist financing. Discussions included international standards, national legislation, and guidance on risk-based approaches. A standing working group will continue efforts to enhance the regulatory framework.