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.

Convenient, safe and fast banking

Azerbaijan Energy Regulatory Agency and TuranBank Sign Cooperation Agreement

A cooperation agreement has been signed between the Azerbaijan Energy Regulatory Agency (AERA) and TuranBank OJSC on the provision of preferential loans through an authorized credit institution using the resources of the Energy Efficiency Fund. The agreement was signed by Chairman of the Management Board of TuranBank OJSC, Orkhan Garayev, and Deputy Chairman of the Management Board of AERA, Rovshan Ismayilov. The primary objective of the agreement is to promote the implementation of energy efficiency measures through cooperation with the...

TuranBank Partners with Switzerland’s responsAbility Investments AG

TuranBank OJSC, one of the leading financial institutions supporting the development of the real sector in Azerbaijan, has signed a new cooperation agreement with Swiss impact asset manager responsAbility Investments AG as part of its strategy to strengthen its position in international financial markets and expand financing of the local economy. Under the agreement, responsAbility Investments AG has provided TuranBank with funding equivalent to USD 10 million in local currency for a period of three years. The funds...

TuranBank and ITFC Sign Line of Trade Financing Agreement to Support the Private Sector and SMEs in Azerbaijan

Baku, Azerbaijan - TuranBank ASC, one of Azerbaijan’s leading banks, has signed a US$10 million line of trade financing agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The agreement aims to expand financing solutions for international trade activities, enhance SMEs’ access to finance and promote the use of Islamic trade finance instruments. The strategic partnership is designed to strengthen import-export activities of Turanbank’s clients,...

TuranBank Secures Local Currency Financing from a Reputable International Financial Institution

TuranBank OJSC, one of the leading banks in Azerbaijan supporting the real sector, has achieved another strategic milestone in advancing the development of Micro, Small and Medium-sized Enterprises (MSMEs) and enhancing access to finance. In this regard, the Bank has entered into a loan agreement with the EMF Microfinance Fund, managed by Enabling Qapital, a leading Swiss Impact Asset Manager regulated by FINMA. Pursuant to the agreement, the Fund has extended financing to TuranBank in local currency equivalent to USD 5 million. The funds,...

...

TuranBank OJSC has started cooperation with the “Üçüncü Bahar” Public Union.

TuranBank OJSC, adhering to the principles of socially responsible banking, has commenced cooperation with the Public Union "Üçüncü Bahar"with the aim of promoting the meaningful use of leisure time among older adults, enhancing their quality of life, and strengthening their social well-being. Within the framework of this partnership, the Bank will provide support for the activities and infrastructure development of the İçərişəhər “YAŞA” Center operating under the Union. The principal...

TuranBank Secures Revolving Credit Line of up to USD 8 Million from the Asian Development Bank

The Asian Development Bank’s Trade & Supply Chain Finance Program (ADB TSCFP) has confirmed an increase in TuranBank’s overall limit under the Credit Guarantee Product to USD 8 million. This expansion marks another significant milestone in the long-standing cooperation between TuranBank and ADB TSCFP, underscoring the growing confidence of international financial institutions in TuranBank’s strategic development, risk management practices, and operational capabilities. ADB TSCFP has also assigned a new revolving credit...

TuranBank attracts local-currency financing from an International Financial Institution

Invest in Visions (IIV), through the IIV Mikrofinanzfonds and the IIV FINANCIAL INFRASTRUCTURE FUNDS, FCP RAIF – DKM MIKROFINANZFONDS A, has successfully invested in TuranBank, one of Azerbaijan’s leading banks in financing small and medium-sized enterprises (SMEs). The transaction was structured in cooperation with the reputable Incofin Investment Fund. Under the agreement, the international investors are providing TuranBank with a synthetic loan in Azerbaijani manats (AZN), equivalent to USD 15 million, with a maturity of three...

Services