Zaur Fatizada: Azerbaijan using AI to fight financial crime

Azerbaijan has begun using AI technologies to combat financial crimes and monitor suspicious transactions, Zaur Fatizada, chairman of the Board of the Financial Monitoring Service, said at an event called "First Annual Risk and Resilience Conference in Azerbaijan," organized by the American Chamber of Commerce (AmCham Azerbaijan), Report informs.

He recalled that a Suspicious Transaction Monitoring System was created to automate the operations of financial institutions: "This system has made it possible to automate financial intelligence functions, promptly investigate suspicious individuals, and generate profile data for more than 15 entities. Law enforcement agencies, government agencies, and obligated entities are provided with a multifunctional personal account."

He added that business intelligence tools, as well as data visualization systems based on graphs and charts, are currently being used for more effective analysis.

According to the head of the service, artificial intelligence technologies are also being used to create a beneficial owner registry, analyze profile data, and ensure the transparency of financial transactions: "We have already begun implementing a client risk assessment system. Based on profile data of individuals and legal entities, financial transactions, and other indicators, risks will be assessed across various parameters."

Fatizada added that important steps have been taken in recent years to improve legislation, strengthen international cooperation, and enhance coordination between government agencies: "Strengthening the fight against financial crimes serves to protect economic stability, attract foreign investment, and strengthen Azerbaijan's position in the international financial system."