BAKU, Azerbaijan, April 30. The Board of the Central Bank of Azerbaijan (CBA) has approved the "Methodological Guidelines for Conducting Institutional Risk Assessment on Money Laundering, Terrorism Financing, and the Proliferation of Weapons of Mass Destruction" at financial institutions, Trend reports via CBA.
The primary goal of this document is to guide financial institutions in assessing institutional risks related to money laundering, terrorism financing, and the proliferation of weapons of mass destruction. It also aims to support the enhancement of methodological knowledge in these areas.
The methodology is based on international practices, taking into account local legislative requirements, and includes approaches for carrying out risk assessments.
Under Article 21.7 of the "Law on Combating Money Laundering and Terrorism Financing," financial institutions are required to identify and assess institutional risks on an annual basis, document the results of the assessment, and submit them to regulatory authorities. Financial institutions must also implement measures to manage, eliminate, or reduce risks according to their internal procedures.
You can access and review the full text of the "Methodological Guidance" through this link.
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