Banks and investment firms learn about money laundering and terrorist financing risks associated with virtual aids


In cooperation with the Azerbaijan Financial Supervision Service, a two-day training was organized for around 40 representatives of banks and investment companies to introduce them to the key concepts of virtual assets and asset service providers. and bring their attention to the associated threats by showing them ways to improve cybersecurity and mitigate those risks.

The training offered a combination of national and international interventions, presenting the technical specificities of digital and virtual assets, the basics of blockchain technologies, cryptocurrencies, wallets, tokens, as well as the standards of the Financial Action Task Force. (FATF) relating to virtual assets and their implementation. mechanisms for reporting entities, warning indicators related to virtual assets and virtual asset service providers. The training reiterated the importance of a strong compliance program, aimed at identifying virtual asset risk exposures and taking necessary regulatory action.

As the virtual asset industry evolves rapidly, participants acquired the knowledge and skills to detect suspicious transactions involving products illegally sourced from online platforms and understand the factors to consider when exercising due diligence. with regard to customers for transactions in virtual currencies. The training was enriched with illustrations of real cases of criminal use of virtual assets, making it possible to demonstrate the control failures to capture the necessary data and the necessary measures to mitigate these risks. This initiative will further strengthen the government’s efforts to better respond to money laundering threats related to virtual assets.

This training was organized within the framework of the project “Strengthening the fight against money laundering and asset recovery in Azerbaijan”, funded by the European Union and the Council of Europe and implemented by the Council. of Europe as part of their Partnership for Good Governance II.


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