Prepared in accordance with international conventions to which the Republic of Azerbaijan is a party, as well as the recommendations of the FATF (Financial Measures Working Group), the Laws of the Republic of Azerbaijan "On Banks" and "On Combating Money Laundering and Terrorist Financing" by regulating the methods of combating money laundering and/or other property, the Bank's main goal in this area is to prevent the timely legalization of income from illegal activities and to implement an effective control mechanism over banking operations. In order to detect transactions, reports are prepared and analyzed on the basis of compliance of customer operations with the relevant conditions through the Bank's automated operating system.
In order to prevent money laundering and terrorist financing, information about a person who opened an account with the ABB is collected, checked and stored.
The Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ) aims to apply better standards for foreign operations and other high-risk areas of correspondent banking, minimizing the need for additional information in accordance with Wolfsberg Group and FATF regulations. FATF expects banks to gradually apply CBDDQ standards to all respondents. With the adoption of a standardized, improved CBDDQ, correspondent banks need to conduct an easier and thus less costly research process, which is in the interest of all financial institutions and regulators. As a result, it should support the G20 and other transnational organizations' goals of a well-controlled and improved regulatory standard in the correspondent banking space and have a long-term positive impact on risk avoidance, access to finance, trade development, and strengthening correspondent relations with respondent banks. ABB supports and encourages the application of these standards by all correspondent banks.
