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Azerbaijani banks and investment companies continue enhancing their knowledge on money laundering and terrorism financing risks related to virtual assets

Baku 23-24 June 2022
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Azerbaijani banks and investment companies continue enhancing their knowledge on money laundering and terrorism financing risks related to virtual assets

In cooperation with the Financial Monitoring Service of Azerbaijan (national Financial Intelligence Unit), the project organised a second two-day training course for another 32 representatives of banks and investment companies, including the representatives of the FIU, to introduce them to key concepts related to virtual assets and virtual asset service providers, as well as take them through operational controls to detect and prevent cryptocurrency related crimes.  

The training offered a combination of national and international interventions, presenting technical specifics of digital and virtual assets, basics of blockchain technologies, cryptocurrencies, wallets, tokens, with a focus on international standards and European control requirements related to virtual assets and implementation mechanisms for reporting entities, including suspicious activity reporting.  

Through this training course, the reporting entities acquired necessary knowledge and skills on how to detect suspicious transactions involving proceeds illegally originating from or passing through online platforms. It also helped them to understand factors to consider while performing customer due diligence for transactions in virtual currencies or involving other types of virtual assets.

This initiative will further enhance the government’s efforts to better respond to money laundering threats related to virtual assets.  

This training was organised within the framework of the project “Strengthening anti-money laundering and asset recovery in Azerbaijan”, funded by the European Union and the Council of Europe and implemented by the Council of Europe in their Partnership for Good Governance II.