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 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...

TuranBank Announces Financial Results for Q3 2025

One of Azerbaijan’s leading financial institutions, TuranBank OJSC, has announced its financial results for the third quarter of 2025. According to the report, the Bank has maintained its strong market position and continued its steady growth trajectory. As of the end of Q3 2025, TuranBank’s total assets increased by 5%, reaching AZN 893 million. In line with its strategic goals, the Bank continued to expand financing for micro, small, and medium enterprises (MSMEs). The loan portfolio grew by 9.1% (AZN 59 million) compared to the...

TuranBank Introduces “Open Banking” Functionality for its Customers

Continuing its efforts to expand digital banking services and enhance customer satisfaction, TuranBank OJSC has introduced the “Open Banking” functionality through its mobile application. This new feature enables customers, with their consent, to centrally view information about their accounts and payment transactions held with other banks directly via the TuranBank Mobile App and Internet Banking platforms. Users can easily monitor their balances, transaction histories, and overall financial status, as well as set the...

TuranBank Signs Loan Agreement with ECO Trade and Development Bank

TuranBank, one of the leading banks in Azerbaijan in the financing of micro, small, and medium-sized enterprises (MSMEs), continues to expand its cooperation with international financial institutions. As part of this effort, the Bank has signed a new EUR 5 million loan agreement with the reputable ECO Trade and Development Bank (ECO TDB), aimed at strengthening MSME financing. The facility has been provided for a five-year term, and the funds will be used to support the financing needs of small and medium-sized businesses in Azerbaijan. This...

TuranBank Azerbaijan Signs $15 Million Line of Financing Agreement with the Islamic Corporation for the Development of the Private Sector (ICD)

TuranBank, a leading player in Azerbaijan’s banking sector recognized for its strong international partnerships, has signed a financing agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group. Under this agreement, ICD will extend USD 15 million Line of Finance for a term of five years to support Small and Medium-sized Enterprises (SMEs) in Azerbaijan and improve access to financial resources for the private sector, in line with...

TuranBank wins International Award for “Best SME Deal of the Year”

TuranBank, one of Azerbaijan’s leading financial institutions, has been recognized as the winner in the “Best SME Deal of the Year” category at the 11th Trade and Supply Chain Finance Program Awards 2025, organized by the Asian Development Bank (ADB)—a highly regarded event in the global financial sector. The award was officially presented to TuranBank during a formal ceremony held on September 2, 2025, in Singapore. This prestigious competition assessed trade and supply chain finance projects implemented by banks...

TuranBank became the official partner of the World Final of the International Programming Contest

Actively supporting the digitalization processes in our country, TuranBank is the official partner of the 49th International Programming Contest (ICPC) World Final to be held in Azerbaijan from August 31 to September 5, 2025, within the framework of the Azerbaijan Banks Association. It should be noted that the competition, which is considered the most prestigious programming competition in the world, is organized by the “ICPC Foundation” and hosted by ADA University, in partnership with the Central Bank of the Republic of...

TuranBank Secures Local Currency Loan from International Financial Institution

TuranBank, one of Azerbaijan’s leading banks in the financing of small and medium-sized enterprises (SMEs), continues to strengthen its successful partnerships with international financial institutions. The Bank has signed a new loan agreement in local currency with the reputable “Covid-19 Emerging and Frontier Markets MSME Support Fund SCSp SICAV-RAIF,” managed by Switzerland’s leading impact investment manager, BlueOrchard Finance. Under the agreement, the Covid-19 Emerging and Frontier Markets MSME Support Fund SCSp...

TuranBank Commences Implementation of Guarantee Transaction with the Asian Development Bank

TuranBank OJSC, a leading financial institution in Azerbaijan with a well-established reputation in international financial markets, continues to advance its successful cooperation with global development partners. Through this partnership, TuranBank will leverage ADB’s Trade and Supply Chain Finance Programme (TSCFP). The guarantee facility will support import–export operations and improve access to finance for businesses in Azerbaijan, particularly in the non-oil sector. The facility will help address market gaps and support...

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