Azerbaijan's STMS covers nearly 3,400 entities

The number of obliged entities registered in the Suspicious Transaction Monitoring System (STMS) operated by Azerbaijan's Financial Monitoring Service (FMS) has reached 3,376, according to Fuad Aliyev, Director of the Cooperation and Beneficial Ownership Analysis Department at the FMS, Report informs.

"This relates to private-sector monitoring. Requirements and obligations have been established under legislation, and entities submit information to us in line with those obligations. The system is integrated with the databases of 15 state institutions, and we receive data on nearly 1,000 parameters daily, which we use in our analyses. On average, around 25,000 data entries are received every month, reviewed and processed according to relevance," he said at the conference on Digital Financial Ecosystem: A New Stage in Governance, held in Baku.

According to Aliyev, the STMS has been operational for two years and helps save time and resources in the analysis of suspicious transactions.

"Reports and other information submitted daily by obliged entities, along with data collected from the databases of other government agencies, are consolidated within our system. This significantly simplifies our work. All information, including the transactions of the entity under review, suspicious transactions, other related operations, and the activities of connected persons, is analyzed through this system. The entire process takes place in real time," he added.