AML and FATCA

EXPERIENCE OVER 30+ YEARS

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 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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TuranBank Concludes Strategic Project Promoting Gender Equality Through International Collaboration

TuranBank, one of the country’s leading banks, has successfully concluded a strategic project aimed at promoting gender equality in the financial sector. Implemented within the framework of a long-term collaboration between Enabling Qapital, a leading Swiss fund regulated by FINMA, and the School of International and Public Affairs at Columbia University, USA, the project combined research and practical methodologies to support more inclusive practices in the financial sector. As part of the project, six graduate students from Columbia...

TuranBank Launches Preferential Loans Financed by the Energy Efficiency Fund

TuranBank, one of Azerbaijan's leading financial institutions, has introduced a new financing solution as part of its commitment to sustainable development and the green economy. Under the strategic cooperation agreement signed with the Energy Regulatory Agency (EMTA) in April this year, the Bank has commenced the issuance of preferential loans financed by the Energy Efficiency Fund. Following the successful completion of the legal and institutional preparations in April, the financing mechanism is now fully operational and available to...

TuranBank and ITFC Continue Successful Financing Cooperation

TuranBank OJSC, one of the leading financial institutions in Azerbaijan, continues its successful partnership with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. Under the USD 10 million financing agreement signed between the parties to expand the financing of international trade operations, TuranBank has successfully completed the attraction of USD 2 million for the next stage. As a result, the total volume of funds drawn down under the aforementioned agreement to date has...

TuranBank’s Ganja Branch Relocates to a New Premises

TuranBank, a financial institution recognized for its sustainable growth in the banking sector, strong customer trust, and reputation as a reliable business partner, continues to expand and improve its service network in line with its strategic development objectives. As part of this strategy, TuranBank’s Ganja Branch has been relocated to a new address and officially opened for customer service. The opening ceremony was attended by the Bank’s senior management and representatives. Going forward, the Ganja Branch will operate from...

TuranBank Attracted Funds in Local Currency from International Funds to Finance Business

Business Baku, Azerbaijan – TuranBank OJSC, one of the leading banks in Azerbaijan in the field of small and medium business financing, has signed new loan agreements with funds managed by the reputable Incofin Investment Management of Belgium. According to the agreements, the Bank has attracted financial resources in local currency equivalent to USD 1.25 million from the "Incofin Climate-Smart Microfinance Fund" (CSMF) and EUR 2 million from the "Incofin Microfinance Fund" (IMFI) for a period of 3 years. These funds will be directed...

TuranBank Conducts Beach Cleanup Campaign on the Caspian Coast in Cooperation with the Ministry of Ecology and Natural Resources

With the aim of protecting the environment and raising ecological awareness, TuranBank OJSC has implemented its next environmental campaign with the support of the Ministry of Ecology and Natural Resources (MENR). Within the framework of the project titled "Clean Coasts with TuranBank", bank employees and eco-volunteers carried out extensive cleanup work along the coastline of Bilgah settlement. By participating in the collection of various types of waste, they contributed to making the area cleaner and more suitable for recreation. It should...

TuranBank Chairman Participates as a Speaker at the Islamic Development Bank Group Annual Meetings

Mr. Orkhan Garayev, Chairman of the Management Board of TuranBank ASC, participated as a speaker in a key panel discussion held within the framework of the 51st Annual Meetings of the Islamic Development Bank Group. The Chairman spoke at the panel entitled “Integrating SMEs into Regional Value and Supply Chains: Reducing Trade Barriers, Ensuring Order Fulfillment, and Strengthening Linkages Among Market Participants”, where he shared strategic insights on the role of the banking sector and regional financial instruments in...

TuranBank Signs a Intent Declaration Worth USD 15 Million with the Islamic Corporation for the Development of the Private Sector (ICD).

TuranBank OJSC, one of the leading financial institutions in Azerbaijan, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, have signed an intent declaration to attract USD 15 million in funding to support private sector projects in Azerbaijan. The signing ceremony took place at the opening event of the Private Sector Forum, held as part of the Islamic Development Bank Group Annual Meetings. The Memorandum of Understanding was signed by Dr. Khalid...

TuranBank Attracts Funding to Promote Gender Equality and Financial Inclusion

TuranBank OJSC, which places a strong emphasis on gender equality and expanding women's access to financial opportunities, has successfully concluded another important international cooperation agreement. Within the framework of its partnership with Belgium-based Incofin Investment Management, the Bank has secured funding from the Global Gender-Smart Fund S.A., SICAV (GGSF) in the amount of the local currency equivalent of USD 5 million for a period of three years. The attracted funds will be directed towards financing micro, small, and...

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