Azerbaijani banks reported 658 suspicious transactions to FMS in 2024
Akbar Novruz
Read moreIn 2024, Azerbaijani banks submitted reports to the Financial Monitoring Service (FMS) on 658 transactions they considered suspicious, Azernews reports, citing the FMS.
According to the agency, this figure is 2.1 times lower compared to 2023. At the same time, investment companies informed the FMS about 26 suspicious transactions, marking a 73.3 percent increase from the previous year.
The FMS was established by presidential decree on May 25, 2018, with its charter and structure approved on July 18, 2018. Its authorized capital amounts to 10,000 manats (around $5,880).
The service’s main goal is to oversee compliance with legal requirements aimed at preventing the legalization of criminally obtained funds, property, and the financing of terrorism. It is also tasked with implementing unified regulation in this field, coordinating monitoring participants with state bodies, and ensuring transparency and efficiency.
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