The Bankers’ Association for Finance and Trade (BAFT) in partnership with Kapital Bank and Pasha Bank have held workshops in Baku.
The workshop on “Trade Finance” was held on March 6. The workshop participants were provided with detailed information about the purpose of trade finance, when to use it, cases of money laundering, documentary operations, letters of credit, Bank guarantees, the application of principles of their compliance, Blockchain and other important issues. At the end of the day, international experts responded to the questions from participants.
The workshop, held on March 7, was on “Financial Crime Compliance”. The workshop participants learned about the necessary regulatory requirements in the field of combating financial crimes, the presence of an adequate internal organization, the importance of compliance with the principle of “three lines of defense” in order to identify and mitigate risks for customers, as well as the new trends and standards in the field of financing of terrorism and combating money laundering.
In terms of economy, Azerbaijan is the largest developed country in the South Caucasus. The grandiose projects, like the Southern Gas Corridor, Baku International Sea Trade Port, North-South, Baku-Tbilisi-Kars railway and many others attract investments from around the world and at the same time, contribute to the development of international trade and economies of other countries.
Azerbaijan is becoming a major trade and financial center of the region. Therefore, it has become increasingly important to the stakeholders and participants of the financial sector to hold such events, to acquire knowledge of the latest trends, and best practices. This, in turn, contributes to the development of the country’s non-oil sector and the achievement of the objectives of the strategic road map.
Kapital Bank, having the biggest branch network in Azerbaijan, is at the service of customers with 98 branches and 13 departments. For more detailed information about the Bank’s products and services, please refer to www.kapitalbank.az website, 196 Call Centre or the Bank’s various social network pages.