High-level meeting was held between the AmCham Azerbaijan delegation and the Financial Monitoring Service (FMS)

High-level meeting was held between the AmCham Azerbaijan delegation and the Financial Monitoring Service (FMS) High-level meeting was held between the AmCham Azerbaijan delegation and the Financial Monitoring Service (FMS) https://innews.media/en/news/id-54616

On November 19, 2025, a high-level meeting was held between the AmCham Azerbaijan delegation and the Financial Monitoring Service (FMS). The leadership of the FMS, including Chairman of the Management Board Mr. Zaur Fatizade, participated in the meeting.

Opening the meeting, Mr. Zaur Fatizade emphasized AmCham Azerbaijan’s long-standing contributions to the development of the business environment in the country and highly valued the initiatives carried out within the framework of inter-institutional cooperation. He noted that AmCham platform plays an important role in strengthening public–private sector dialogue.

The meeting was dedicated to discussions on the proposals submitted within AmCham Azerbaijan’s White Paper 2025. The parties reviewed in detail expectations related to the financial-banking sector, directions for improving AML/CFT oversight mechanisms in the non-bank segment, strengthening regulatory approaches in the areas of compliance and transparency, as well as opportunities for expanding public–private sector cooperation. During the discussions, the sides assessed joint action opportunities to enhance trust in the business environment and to establish more effective regulatory frameworks.

Further in the meeting, the FMS presented the integration capabilities, functionality, and development directions of the SHAMS (Suspicious Transactions Monitoring System) platform. FMS representatives provided information on ongoing system updates, as well as planned technological and methodological improvements for upcoming phases. It was emphasized that the development of SHAMS contributes to strengthening transparency and accountability in the financial sector and reducing compliance risks. Mr. Zaur Fatizade also highlighted the particular importance of joint efforts between government agencies and the business community to ensure transparency in financial operations and minimize compliance risks.

The meeting also addressed prospects for international cooperation and noted that such efforts could create additional opportunities for strengthening financial stability and alignment with international standards in the country.

As a result of the discussions, the parties agreed on several operational directions. These include organizing awareness-raising training sessions on AML/CFT and compliance through the AmCham Azerbaijan platform, holding thematic and analytical meetings with the banking sector, and establishing a joint working group consisting of representatives of the FMS and AmCham Azerbaijan to conduct deeper analysis and continue coordinated work on the issues raised.

The 2026 action plan of the AmCham Banking, Finance and Insurance Committee also prioritizes these topics and foresees the implementation of expanded cooperation and educational initiatives based on the directions identified during the meeting.

It should be noted that since its establishment in 1996, AmCham Azerbaijan, representing nearly 300 member companies, has been actively continuing its efforts as a leading business association dedicated to promoting a favorable business environment in the country.