BAKU, Azerbaijan, March 4
By Zeyni Jafarov - Trend:
Compliance services in Azerbaijan have recently become more and more relevant, Anar Karimov, director-general for compliance and management department at PASHA Bank, told Trend on March 4.
“This sphere conducts its activity in two directions: internal, which is responsible for monitoring the company's compliance with the rules and laws, and external, which regulates compliance with regulations and procedures of national and international scale, in which the principles of conduct and activity of any company are indicated in detail,” Karimov added.
"Compliance must be available in all spheres of the economy,” Karimov added. “It must mainly affect the activity of financial institutions."
“The non-use of compliance can lead to the fact that depositors in banks may lose their money,” the director-general added.
“Some 26 banks in Azerbaijan have recently begun to show an active interest in this sphere,” Karimov said. “The process of investing in the internal strategy of banks, as well as sending relevant specialists for internships abroad has begun.”
Karimov said that there are shortcomings in the field of compliance in Azerbaijan, therefore, working groups on four directions were created under the Azerbaijani Cabinet of Ministers.
“The main task of these groups is to increase the compliance culture and rating of Azerbaijan in the international arena,” the director-general said.
Karimov added that the coronavirus pandemic, both worldwide and in Azerbaijan, has affected the economic spheres, including compliance.
“The customers of the bank began to use more digital services and this increased the level of cyberattacks,” the director-general said. “Thus, the compliance service faced the task of more effective supervisory activity.”
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