The Central Bank of the Republic of Azerbaijan, jointly with Azerbaijan's Financial Monitoring Service, held an online training for financial institutions on anti-money laundering and counter-terrorist financing requirements, focusing on when obliged entities may rely on customer due diligence performed by other obliged entities. The session involved more than 200 staff from a broad set of regulated firms. The training referenced Article 5 of Azerbaijan's Law on the Fight against the Legalisation of Criminally Obtained Property and the Financing of Terrorism, under which an obliged person may rely on other obliged persons' customer due diligence measures carried out under Article 4, or on information and documents obtained by another obliged person when a new customer is introduced to establish a business relationship. Participants included banks, non-bank credit organisations, investment companies, life endowment insurers, reinsurers, insurance intermediaries, payment institutions, electronic money institutions, financial leasing providers and pawnshops, and discussions covered both the legislative requirements and their practical application, including a Q&A.
Central Bank of the Republic of Azerbaijan 2025-12-16
Central Bank of the Republic of Azerbaijan and Azerbaijan's Financial Monitoring Service deliver AML/CFT training on reliance on third-party customer due diligence
The Central Bank of the Republic of Azerbaijan and Azerbaijan's Financial Monitoring Service conducted online training for over 200 financial institution staff on anti-money laundering and counter-terrorist financing requirements. The session focused on when obliged entities can rely on customer due diligence performed by others, referencing Article 5 of Azerbaijan's relevant law. Participants included a range of regulated firms, and discussions addressed legislative requirements and practical applications.