The CBA has started to implement measures to combat the laundering of “dirty money”

The Central Bank of Azerbaijan (CBA) together with insurance companies operating in Azerbaijan has started to implement measures to combat money laundering, APA reports citing the CBA.

The main purpose of the meeting held at the CBA on June 9, 2022 with the heads of insurance and reinsurance companies operating in the country in the field of life insurance was to discuss the activities of these organizations in the field of combating money laundering and financing of terrorism, and to exchange views on practical issues and approaches. The Central Bank is constantly working in these areas with the relevant monitoring participants, including companies operating in the field of life insurance. The CBA is constantly working in these areas with the relevant monitoring participants, including companies operating in the field of life insurance.

The bank added that the Law of the Republic of Azerbaijan “On Combating the Legalization of Financial Assets and Other Property Acquired by Crime and the Financing of Terrorism” contains relevant requirements for monitoring participants, including insurance companies. In addition, the Requirements of the Financial Monitoring Service of the Republic of Azerbaijan “On the development of internal control systems for the legalization of funds or other property obtained by criminal means and the financing of terrorism by legal entities that are participants in monitoring and other persons participating in monitoring” define measures subject to performance in the relevant areas.

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