• AZ

TuranBank intensively carries on its activities in prevention of Money Laundering and Terrorism Financing.
 
Earlier in 2004 the bank developed its internal procedures and instructions against money laundering and terrorism financing in accordance with the laws of the Republic of Azerbaijan “On the National Bank of Azerbaijan” and “On Banks”, international conventiones joined by the Republic of Azerbaijan, instructions of the Financial Action Task Force (FATF), “Volfsberg” principles of the Basel Committee on Banking Supervision. In 2007 such internal regulations and normative legal basis was improved and the Compliance Officers of the Customer Service Department regularly participated in the trainings, cources and seminars on money laundering and terrorism financing held by such famous organizations as USAID, ATTF and ABTM. 
 
The important documents adopted by the bank against money laundering and terrorism financing include the Declaration on Prevention of Money Laundering and Terrorism Financing, ”Know your Customer” Policy.

The overall internal normative legal basis adopted by the bank with respect to money laundering and terrorism financing is based on the identification of customers and operations and on the relevant normative documents on keeping of records of operations. 
 
As a part of the measures taken by the bank against money laundering and terrorism financing, a working group, consisting of the heads of three structural units, was established for the purpose of controlling the implementation of the intrabank procedures and regulations against money laundering and terrorism financing, monitoring of customer transactions and improving the process of regular following of the list of terrorist organizations and countries updated by the Central Bank.

In order to prevent money laundering and terrorism financing inquiries from correspondent banks are regularly reviewed and answered. In this direction the Bank began a collaboration with one of the most famous US organizations CSC and signed USA Patriot Act prepared under this collaboration. Signed Patriot Act has helped to create a correspondent bank relationship with one of the famous financial institutions of the U.S.A. Deutsche Bank Nyu York.

FATCA is the Foreign Accounts Tax Compliance Act that has been adopted as a part of Hiring Incentives to Restore Employment (HIRE) Act of 2010.

FATCA is aimed at prevention of tax evasion by the US residents. Therefore, it stipulates several requirements to the foreign financial institutions on information disclosure and identification of US taxpayers to reveal persons avoiding US taxation by concealment of assets from the US tax authorities.

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