Azerbaijani Financial Monitoring Service starts e-reporting with banks
Azerbaijan, Baku, Nov. 12 / Trend N. Ismayilova /
The Central Bank of Azerbaijan's (CBA) Financial Monitoring Service has started e-reporting with all of the country's banks, service head Togrul Musayev said today.
"The banks first integrated into this system," he said. "Now the service receives their reports only in electronic form. Insurance companies and brokers also joined this system."
He added that plans include expanding e-reporting at notaries, auditing companies, and other monitoring entities.
"Now the monitoring service operates via an AMIS system," he said. "It will be improved in the future as this system has great potential and will simplify the reporting process for monitoring entities."
The Financial Monitoring Service must organize a centralized e-information system to collect data and register legal and physical entities. The service has information about their participation in legalizing money and property earned via criminal activity and terrorist financing.
The following will be monitored: credit organizations, insurance and reinsurance companies, professional securities market participants, credit institution leasing services, post office money transfers, pawnshops, investment funds, transactions with precious metals and stones, non-governmental and religious organizations, lottery organizers, and lawyers, accountants, real estate transactions, client money, securities and property, client banking and deposit accounts.