The training on “Terrorism Financing and Proliferation of Weapons of Mass Destruction” took place today in Baku, Azerbaijan and brought together the representatives of Financial Market Supervisory Authority, Financial Monitoring Service, compliance officers of 30 commercial banks, as well as notaries, auditors and lawyers. The first half of the day for bank supervisors aimed to provide a general overview of international standards and a review of the actual risk, while the afternoon session was operationally-oriented around how to implement suitable controls for representatives of banks and non-financial institutions.
The goal of the training was to strengthen the capacities of the participants in detecting and preventing financial crimes, with a particular focus on deploying targeted financial sanctions regarding the prevention of financing of terrorism and proliferation of Weapons of Mass Destruction. Furthermore, the training provided practical and operational guidance on implementation of a robust risk control environment while introducing a clear risk management formula. A unified and data-driven risk assessment approach was highlighted as an effective way to ensure strong risk control practices.