E-learning system developed to combat money laundering and terrorist financing in Azerbaijan



On October 23, 2012 the Financial Monitoring Service (FMS) of the Central Bank of Azerbaijan, in partnership with the U.S. Agency for International Development (USAID), presented its newly developed e-learning system to various public and financial institutions.

The FMS developed the e-learning system in close collaboration with USAID/Azerbaijan and the IDG implemented Azerbaijan Competitiveness and Trade (ACT) Project. The purpose of the system is to facilitate the dissemination of knowledge regarding Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements to a wider audience through more efficient and consistent means.

Mr. Adishirin Gasimov, Director of the Financial Monitoring Service, opened the event and underlined the importance of such progressive measures in strengthening the legal culture of the public and institutional capacity building related to AML/CFT throughout the country.

Speaking at the event, Mr. Michael Greene, USAID/Azerbaijan Mission Director, emphasized the importance of knowledge and knowledge sharing as one of the key elements in the battle against money laundering. He added that the e-learning system creates incentives for people to learn the materials by allowing them to enroll in an official course, to take quizzes, and to eventually be certified as AML experts.

In addition to providing extensive information about the dangers of money laundering and terrorist financing and explaining the role of the Government in deterring such behavior, the system provides users with information on international standards and best practices regarding AML/CFT regulations as well as standards that have been formally adopted in Azerbaijan. It allows compliance officers of the banks to be certified by the FMS as experts in this area. The course takes the user through various modules and offers quizzes to test the user's knowledge, allowing the FMS to monitor the progress of the users. Individuals who successfully complete the course can take a certification exam administered by the FMS. Among other benefits, increased knowledge of the AML/CFT regulations will increase voluntary reporting of transactions that are possibly being used to further money laundering or terrorist financing. 

The ceremony also highlighted the recent publication of a textbook “Commentary on the Law of the Republic of Azerbaijan on Prevention of Legalization of Criminally Obtained Funds or other Property and the Financing of Terrorism”. The e-learning system and the book authored by Mr. Anar Salmanov, Deputy Director of the Financial Monitoring Service are valuable learning tools.  USAID provided assistance in publishing this book.