1. Be exempt from any liability for breach of any restriction on disclosure of the bank or other legally protected secrecy, as well as causing the material and moral damage emerged as a result of the disclosure of information when submitting the information on the transaction which is subject to monitoring in good faith to the financial monitoring body as prescribed by this Law;
2. Be informed of the results obtained in exchange for the information provided to the financial monitoring body.
Other legal service providers shall be obliged to:
1. Identify and verify customer and contracting party;
2. Regularly update information on the purpose and essence of business relationships obtained from the client;
3. Take further identification measures for high-risk operations;
4. Perform measures to determine whether a potential customer or the contracting party is a politically exposed person of a foreign country.
5. Examine the background and purpose of all complex, unusual large transactions, that have no apparent or visible economic or lawful purpose, and report their findings in writing.
6. Maintain all necessary documents for at least five years;
7. Develop internal control systems, if required by law;
8. Submit information on the following transactions and cases to the Financial Monitoring Service:
- existence of situations that give rise to suspicions or reasonable grounds for suspicions that funds or other property (regardless of the amount) are the proceeds of a criminal activity or are related to the financing of terrorism;
- implementation of any transaction with the funds or other property associated with the citizens of the countries (territories) determined by Article 7.3 of this Law, with the persons registered or who has a residency or permanent business in this countries (territories), with the persons who has a bank account with the bank registered in this countries (territories);
- any transactions with funds or other property of the politically exposed persons, regardless of the amount.
The Financial Monitoring Service started the use of goAML analytical system on October 17, 2011. The goAML system has such functions as statistical, tactical and strategic analysis, as well as automation of data and request exchange, transaction analysis and document circulation.GoAML – REAL
In accordance with the article 6.4 of the Regulations for Submission of Information by monitoring participants and other participants in monitoring to the Financial Monitoring Service, it is intended that the information submitted to the Financial Monitoring Service and responses to requests submitted to the monitoring entities will be compiled in a new way - in "XML" format through a special communication channel.
The necessary documentation and information regarding the technical requirements of "XML" format are attached:goAML XML schem
goAML XML schem description
goAML XML sample - 1
goAML XML sample - 2
An application for checking XML file’s compatibility to schem
- The Financial Action Task Force (FATF) under the Organization for Economic Cooperation and Development
- The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL
- Egmont Group of Financial Intelligence Units (Egmont Group)
- United Nations Office on Drugs and Crime (UNODC)
- The Basel Committee on Banking Supervision (BCBS)
- US Agency for International Development (USAID)
- Ministry of Taxes of the Republic of Azerbaijan
- Financial Monitoring Service