FIMSA gets more reports on suspicious financial transactions

Business Materials 4 January 2019 14:48 (UTC +04:00)

Baku, Azerbaijan, Jan. 4

By Azad Hasanli - Trend:

The Financial Monitoring Service under the Financial Market Supervisory Authority of Azerbaijan (FIMSA) received data on 424,188 suspicious and current transactions in January-October 2018, which is 12.2 percent more than in the same period of 2017, Trend reports with reference to the monitoring service.

So far, the greatest number of suspicious and current operations, the information about which was received by the Financial Monitoring Service, was recorded in 2015, when data on 465,007 suspicious and current transactions was received. This is while data on 397,144 and 378,019 suspicious and current transactions was received in 2016 and 2017, respectively.

During the 10 months of 2018, the highest number of appeals regarding suspicious transactions was received in October (49,359), while the smallest number of appeals regarding suspicious transactions was received in January (33,656).

The monitoring covers the credit, insurance and reinsurance organizations, professional participants of the securities market, pawnshops and investment funds, as well as transactions with precious metals and stones, and purchase of products made of them.

It also covers the activities of NGOs and religious organizations, organizers of lotteries, individuals providing sales services on immovable property, as well as lawyers, accountants, real estate transactions, securities and property, client banking and deposit accounts.

The Financial Monitoring Service was established on Feb. 23, 2009.

(1.7 AZN = 1 USD on Jan. 4)


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