Last week the United States-Azerbaijan Chamber of Commerce (USACC) and CRDF Global, in partnership with the Azerbaijan Banks Association and experts from PricewaterhouseCoopers, successfully concluded a conference on strengthening sanctions compliance and financial sector practices in Azerbaijan. The three-day program brought together over 80 compliance officers, export control and sanctions experts from 17 Azerbaijani banks and government regulatory agencies.
The conference was organized to raise awareness of the risks associated with doing business with sanctioned foreign entities and financial institutions, provide a comprehensive understanding of international sanctions regimes, and highlight sanction evasion techniques and typologies. Participants explored the exploitation of global supply chain and financial sector and examined ways to strengthen partnerships, coordination, and reporting mechanisms between the private sector and regulatory agencies.
Attendees were equipped with the latest best practices in due diligence, Know-Your-Customer (KYC), and Know-Your-Customer’s Customer (KYCC) protocols. They also learned about the tools necessary to conduct effective and efficient open-source investigations to counter sanction evasion activities by state proliferators.
The conference featured a series of engaging lectures, case studies, and discussions designed to provide participants with the knowledge and skills required to enhance sanctions implementation and improve information sharing between regulators and the private sector.
The USACC, CRDF Global, ABA and other partner organizations remain committed to fostering dialogue and collaboration among key stakeholders to promote compliance with international sanctions regimes and enhance the integrity of Azerbaijan’s financial sector.
This workshop was organized as a follow-up to the recent Azerbaijan Banking Mission to the United States that took place in April, 2024 and brought together 11 CEOs of leading Azerbaijani banks and the Governor of the Central Bank of Azerbaijan. This Mission underscored the deepening ties between the United States and Azerbaijan and the shared commitment to strengthening the financial and business sectors between the two nations.
