| Azərbaycan Respublikasının Maliyyə Monitorinqi Xidməti | |
| Agency overview | |
|---|---|
| Formed | 2009 |
| Jurisdiction | Prezident of Azerbaijan Republic |
| Headquarters | Azerbaijan, Baku, Bul-bul prospect 40, AZ1014 |
| Agency executive |
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| Website | www.fiu.az/eng/ |
Financial Monitoring Service of the Republic of Azerbaijan – is the entity that exercises powers according to the legislation in the sphere of prevention of the legalization of criminally obtained funds or other property and the financing of terrorism (AML/CFT) and participates in formation of policy in the respective field.
History
The Financial Monitoring Service was established as an independent structural unit under the Central Bank of the Republic of Azerbaijan by the Decree of the President of the Republic of Azerbaijan numbered 66, dated February 23, 2009 according to the Law of the Republic of Azerbaijan on The Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism numbered № 767–IIIQ, dated February 10, 2009. With the Decree of the President of Azerbaijan Republic number 760, dated February 3, 2016, Financial Market Supervision Authority was created as a public law entity and Financial Monitoring Service functioned as an structural unit within it. According to the Decree numbered 95, dated May 25, 2018, Financial Monitoring Service was separated from the Financial Market Supervisory Authority and started continuing its activities as a public law entity.
Purpose
Financial Monitoring Service acts according its purposes based on the Charter.
- Supervises compliance with the requirements on prevention of the legalization of criminally obtained funds or other property and the financing of terrorism determined by the law, implement policy and overall regulation in the relevant field;
- Implements national risk assessment, coordinates activities of state bodies and agencies in this direction;
- Coordinates the activity of monitoring entities, other persons involved in monitoring, supervision authorities and other state authorities in the relevant field, collects and analyses information received from them.
Mission
Mission of the entity was identified based on the Charter of Financial Monitoring Service.
- Supports prevention of the legalization of criminally obtained funds or other property and the financing of terrorism (AML/CFT) by collecting, analyzing and exchanging information with reporting entities.