Ziraat Bank Azerbaijan OJSC established the internal control system in the fight against Money Laundering and Terrorism Financing (AML/CFT), in accordance with national legislation and international norms. According to the innovations and changes in AML requirement, the Bank is improving its internal control system constantly.
Ziraat Bank Azerbaijan has developed a clear set of policies and procedures outlining its general AML/CFT standards and principles. As part of the Internal Control System the AML/CFT Policy" and "AML/CFT internal rules", was approved by the Supervisory Board in 30.12.2014. AML/CFT procedures, regulations of the Bank was developed on the basis of local legislation and international recommendations (FATF 40+9 standards, the Basel Committee and Wolfsberg Group principles). The Bank's policy and procedures are updating according to the changes in the local legislation and international standards. The members of the Management Board and all employees of the bank are required to adhere all these standards.
Ziraat Bank Azerbaijan has implemented a KYC program for customers that (natural persons or entities, correspondent banks) are subject to adequate identification-verification, risk rating and monitoring measures. The bank is doing risk assessment of the customers and their transactions according to the risk-based approach. All data obtained according to customer identification-verification process and AML security measuring are documenting. At the same time the bank has a process to review and update customer profile information.
The Bank has appointed compliance officer to monitor the implementation process of AML/CFT policies and procedures, as well as preparing and submitting reports on the transactions.
The Bank is doing AML trainings to increase the experience and knowledge of employees. The training program covers the innovations and changes in local legislation and international standards, practice to identify suspicious transections, implementation of risk-based approach, due-diligence process, risk-based approach in country relations, identification and verification procedures. The bank retain records of the training sessions including attendance records and relevant training materials. According to the any changes in legislation and regulations, or the innovations AML process, the Bank informs employees about it constantly.
The Bank has the internal audit mechanism that measures adequacy of implementation of AML/CFT process. The internal audit mechanism doing timely detection of potential errors and deficiencies in the application of the regulations required by the Law and their prevention, as well as the reduction of the associated risks to minimum.