The Central Bank of Azerbaijan is constantly working with life insurance companies to combat money laundering and terrorist financing, Report informs referring to the Central Bank.
The Law "On the Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism" provides relevant requirements in relation to monitoring participants, including insurance companies.
Measures to be taken in accordance with the Financial Monitoring Service’s Requirements on "The development of internal control systems for combating the legalization of money or other property obtained by legal entities and other persons participating in the monitoring and the terrorism financing " has been identified, " according to the statement.
Note that the main purpose of the meeting with the heads of life insurance and reinsurance companies in the country, on June 9, was to discuss the activities of these organizations in the battle against money laundering and terrorist financing, practical issues and applications, and exchange of views on the approaches.