BAKU, Azerbaijan, Feb. 23
By Nazrin Israfilova - Trend:
Azerbaijani banks may establish correspondent relations with BNY Mellon, Trend reports with reference to the Azerbaijan Banks Association (ABA).
According to the message, members of the Compliance Expert Group operating under the ABA met with the delegation from the Istanbul branch of The Bank of New York Mellon on February 22.
The current situation with the banks operating in Azerbaijan, an assessment of correspondent relations with the US banks, the degree of AML Compliance functions of banks with the requirements of international practice and other steps which must be taken by the banks to fully meet these requirements were considered during the meeting.
Moreover, during the meeting, foreign experts highly appreciated the ability of banks operating in Azerbaijan to meet modern requirements, develop in accordance with current requirements and quickly respond to the sudden changes on a global scale.
The Azerbaijan Banks Association was established in 1990. Its main purpose is to protect the interests of member organizations, to help meet their needs for various business services and to coordinate their activity. Presently, ABA members are 26 banks and five non-banking organizations.