Representatives of the Financial Monitoring Service, the Central Bank and the National Depository Centre of Azerbaijan were brough together for a one-day workshop with the aim to enhance their understanding of anti-money laundering and countering the financing of terrorism (AML/CFT) requirements in the securities sector. The workshop featured essential elements of risks, risk awareness and risk-based approach, customer due diligence, red flags and relevant mitigation measures targeting the sector. It also focused on the main legal elements and requirements for compliance as set forth in international standards, and provided an up-to-date picture of major money laundering and terrorist financing risks related to ongoing global changes.
The eighteen participants from the above-mentioned supervisory authorities thus strengthened their knowledge and capacities on necessary control measures to be implemented for enhancing compliance and effectiveness of AML/CFT in the securities sector. The initiative was intended to help them implement effective measures to meet their supervisory objectives, by providing a clear understanding of their role and obligations in the fight against money laundering and the financing of terrorism.
Close inter-agency cooperation between the national Financial Intelligence Unit, other supervisors, other authorities, and registers were highlighted as essential pillars of effective AML/CFT supervision and compliance. The workshop created an open forum for a constructive exchange of experiences and views on current challenges in this area. Specific topics discussed included internal control mechanisms in the securities sector, necessary guidance to be given by supervisors, suspicious transaction reporting, and typologies observed. These themes were also illustrated through concrete examples. The ultimate objective of this endeavour is to improve supervisory practices in the securities sector of Azerbaijan and, as a result, contribute to further strengthening the national AML/CFT regime.
This workshop 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.
