• 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  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 has secured a credit line from a reputable international financial institution

TuranBank has signed a credit agreement with the ECO Trade and Development Bank to expand the financing of international trade transactions. This strategic initiative aims to support international trade and broaden the financial opportunities for entrepreneurs across all regions of Azerbaijan. The funds raised will enable TuranBank to enhance import-export operations primarily between ETDB member countries and others, and provide support for its clients' trade transactions. “The bank is confident that this agreement will further...

TuranBank Organizes Tree Planting Initiative

Guided by the principles of Environmental, Social, and Governance (ESG), TuranBank has organized a tree planting initiative as part of the “Year of Solidarity for a Green World,” reaffirming its commitment to environmental protection. In alignment with its social responsibility and ecological sustainability goals, TuranBank, with support from the Ministry of Ecology and Natural Resources, facilitated the planting of 200 Eldar pine and olive saplings in the Mushfigabad settlement of Baku. The primary objective of this initiative...

TuranBank Secures Loan in Local Currency from International Financial Institution

TuranBank, a leading bank in Azerbaijan specializing in financing small and medium-sized businesses, has signed a new loan agreement in local currency with the EMF Microfinance Fund, facilitated by the reputable Enabling Qapital management fund. Under the terms of the agreement, the international financial institution has provided TuranBank with a synthetic loan of 5 million US dollars, which will be disbursed in Azerbaijani manat, for a period of 3 years. The funds will be directed toward financing small and medium-sized businesses, aligning...

TuranBank, in collaboration with the DOST Agency, organized a special camp for lonely elderly people

Adhering to the principles of socially responsible banking, TuranBank has launched another charity initiative by organizing a camp for lonely elderly people as part of the "Corporate DOST" subprogram of the DOST Agency. In collaboration with the "Könüllü DOST" program of the DOST Agency, the Bank hosted the training and creative camp at the Zira Ecopark. The camp was designed to provide effective leisure activities and foster a sense of community for elderly individuals over the age of 65. Activities included a yoga master...

TuranBank has announced its financial results for the first half of 2024

TuranBank OJSC, one of Azerbaijan's leading financial institutions, has maintained its strong market position based on key financial indicators for the first half of 2024. As of the second quarter of 2024, TuranBank’s total assets reached 872 million manat. The bank's loan portfolio grew by 12.1%, or 69.4 million manat, compared to the same period last year, amounting to 645 million manat. Specifically, loans to business clients increased by 13.4%, or 44.5 million manat, reaching 375.4 million manat. The deposit portfolio stood...

TuranBank celebrates its 32nd anniversary

TuranBank, which began its operations in 1992, has distinguished itself in the Azerbaijani banking sector through its stability, earning the trust and loyalty of customers. Over the years, the Bank has developed into one of the country's largest financial institutions and maintained its reputation as a reliable business partner. As TuranBank celebrates its 32nd anniversary, it reflects on a successful history marked by its contributions to the growth of Azerbaijan's private sector, particularly through support for small and...

TuranBank has opened a correspondent account in US dollars with Habib American Bank.

Having successfully developed relations with foreign financial institutions, TuranBank OJSC has started strategic cooperation with Habib American Bank (HAB) to expand the network of international correspondent relations. As part of our collaboration, TuranBank will establish a correspondent account in US dollars at Habib American Bank, a renowned institution known for its excellence in international payments and settlements in the United States of America (USA). This strategic move will streamline foreign currency transactions for our valued...