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Azerbaijan launches pawn shop audits

Business Materials 21 July 2011 18:23
The Financial Monitoring Service of the Central Bank of Azerbaijan (CBA) has held audits of pawnshops and legal persons providing mediation services on the purchase and sale of real estate this year.
Azerbaijan launches pawn shop audits

Azerbaijan, Baku, July 21 / Trend N.Ismayilova /

The Financial Monitoring Service of the Central Bank of Azerbaijan (CBA) has held audits of pawnshops and legal persons providing mediation services on the purchase and sale of real estate this year.

The audits aimed to assess compliance with the requirements stipulated by the law "On Combating the Legalization of Cash and Other Assets Derived from Crime and Terrorist Financing."

The service also prepared proposals with a view to make certain amendments to the legislation to combat money laundering and terrorist financing, taking into account recommendations from the FATF and MONEYVAL.

During the report period, the service provided in a test mode the installation and use of the software goAML, prepared by the UN Office on Drugs and Crime, in order to automate the process of making, processing and analyzing data about the subjects of monitoring.

The monitoring includes the activities of credit, insurance and reinsurance organizations, pawnshops, investment funds, transactions with precious metals and stones, the activities of nongovernmental and religious organizations, organizers of lotteries, the people providing
services to purchase real estate, as well as lawyers, accountants, real estate transactions, client money, securities and property, client bank and deposit accounts.

The Financial Monitoring Service under the CBA was established in accordance with the decree of President Aliyev on February 23, 2009.

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