Aze.US
Azerbaijan’s State Tax Service has reminded taxpayers of their legal obligations in combating money laundering and terrorist financing, warning that violations may result in significant administrative fines.
The State Tax Service under the Ministry of Economy continues awareness efforts aimed at improving taxpayers’ understanding of legal requirements related to anti-money laundering (AML) and counter-terrorist financing measures.
Under Azerbaijani law, realtors as well as providers of legal, accounting, and tax advisory services are classified as obligated entities in certain cases and must organize their activities in line with established compliance standards.
These obligations include implementing internal control systems, identifying and verifying clients, assessing institutional risks, monitoring complex or unusual transactions, and submitting information on suspicious operations to the relevant financial monitoring authority in accordance with legal procedures.
Compliance with these requirements is overseen by the State Tax Service. Violations may trigger administrative liability under Article 598 of the Code of Administrative Offenses, with fines ranging from 800 to 1,500 manats for officials and from 8,000 to 15,000 manats for legal entities.
Authorities note that explanatory and methodological materials, along with updated regulatory acts, are regularly published on the official website of the tax service. Taxpayers are encouraged to review these resources, align their operations with current rules, and contribute to ensuring transparency within the financial system.
The State Tax Service calls on taxpayers to strictly comply with AML and counter-terrorist financing legislation and to rely on information provided through official sources.