A high-level meeting on the implementation of anti-money laundering and counter-terrorist financing (AML/CTF) legislation in the financial sector was held today at the Baku Business Center. The event brought together representatives from the Financial Monitoring Service (FMS), the Central Bank of the Republic of Azerbaijan, and the Azerbaijan Banks Association, along with senior executives and compliance specialists from local banks.

The discussions focused on the challenges financial institutions face in applying AML/CTF regulations and explored potential solutions. With over 60 participants in attendance, the meeting was recognized as an important step in strengthening public-private sector cooperation in this critical area.

Experts provided insights into international standards set by the Financial Action Task Force (FATF) and their alignment with Azerbaijan’s national legislation. Additionally, the Financial Monitoring Service introduced its conceptual approach to risk-based measures aimed at enhancing compliance efforts.

Following the presentations, attendees engaged in an in-depth exchange of views on effective risk management strategies. Consensus was reached on the need to develop a robust risk management model to ensure the smooth implementation of regulatory requirements in accordance with global best practices.

As a key outcome, the participating institutions agreed to continue the work of a dedicated task force comprising representatives from the Financial Monitoring Service, the Central Bank, and the Azerbaijan Banks Association to further refine and advance AML/CTF compliance frameworks in the financial sector.