17:45 - 21.10.2024

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October 21, Fineko/abc.az. In 2023, Azerbaijani banks submitted reports to the Financial Monitoring Service on 1,393 transactions that they considered suspicious.

ABC.AZ reports with reference to the FMS that this is 31.8% more than in 2022.

The total amount of transactions that banks considered questionable in 2023 amounted to 8,167.8 million manats (3.9-fold more than in 2022).

In addition, in 2023, investment companies informed the FMS about 15 suspicious transactions (15-fold more in annual terms) for totally 152.1 million manats (+760-fold).

Last year, the insurance companies of Azerbaijan informed the Service about 7 transactions worth 2 million manats, which aroused their suspicions. Before that, the insurance sector had not recorded questionable transactions.

According to the FMS, the main reason for the increase in the number of reports on suspicious transactions was that since 2023, the Service began receiving data on taxpayers who violate the monthly limit on cash withdrawals stipulated by the Law on Non-Cash Payments.