On November 6, 2024, the Financial Monitoring Service (FMS) and the Central Bank jointly hosted a training session titled "Reliance on Third Parties in Customer Due Diligence Practices by Financial Institutions."

Ms. Kifayat Nasirli, an expert from FMS, provided a comprehensive overview of the legal exceptions to reliance on third parties as outlined in the Law on Combating the Legalization of Criminally Obtained Property and the Financing of Terrorism. She also discussed critical factors to consider when evaluating the reliability of third-party entities.

Subsequently, FMS representative Sübhan Qarayev delivered an in-depth presentation on the application of international standards, referencing the legislative frameworks and enforcement methodologies of various countries. He further provided a comparative analysis of these practices to highlight best approaches.

The session concluded with trainers addressing participants' questions and facilitating discussions on related topics to enhance understanding and collaboration.

The training was attended by approximately 25 participants.