Azərbaycan Respublikası Mərkəzi Bankı Banklara Nəzarət Departamenti



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Supervision Department - AML/CFT Training 
CIP - Correspondent Banking - Monitoring
 
- Review periods driven by the risk rating of a 
particular relationship; with high risk relationships 
reviewed more frequently.   
- Obtaining an updated picture for the purpose of the 
account and expected activity.   
- Updating screening of respondents and connected 
individuals to identify individuals/entities with PEP 
connections or on relevant sanctions lists.   
- Involving senior management and AML staff in 
reviews of respondent relationships and 
consideration of whether to maintain or exit high-
risk relationships.   
- Where appropriate, using intelligence reports to 
help decide whether to maintain or exit a 
relationship.   
- Carrying out ad-hoc reviews in light of material 
changes to the risk profile of a customer.   
 
 
- Copying periodic review forms year after year 
without challenge from senior management.   
- Failing to take account of any changes to key staff 
at respondent banks.   
- Carrying out annual reviews of respondent 
relationships but failing to consider money- 
laundering risk adequately.   
- Failing to assess new information gathered during 
ongoing monitoring of a relationship.   
- Failing to consider money laundering alerts 
generated since the last review.   
- Relying on parent banks to carry out monitoring of 
respondents without understanding what monitoring 
has been done or what the monitoring found.   
- Failing to take action when respondents do not 
provide satisfactory answers to reasonable questions 
regarding activity on their account.   
- Focusing too much on reputation or business issues 
when deciding whether to exit relationships with 
respondents which give rise to high money-
laundering risk.   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Examples of GOOD Practice
 
2
 
Examples of POOR practice
 


Supervision Department - AML/CFT Training 
CIP - Wire Transfers
 
- Banks‘ core banking systems ensure that all static 
data (name, address, account number) held on the 
ordering customer are automatically inserted in the 
correct lines of the outgoing MT103 payment 
instruction and any matching MT202COV. 

Where practical, intermediary and beneficiary 
banks delay processing payments until they receive 
complete and meaningful information on the 
ordering customer.   
- Intermediary and beneficiary banks have systems 
that generate an automatic investigation every time 
a MT103 appears to contain inadequate payer 
information.   
- Following processing, risk-based sampling for 
inward payments identifying inadequate payer   
information.   
- Search for phrases in payment messages such as 
‗one of our clients‘ or ‗our valued customer‘ in all 
the main languages which may indicate a bank or 
customer trying to conceal their identity.   
- Reviewing all correspondent banks‘ use of the 
MT202 and MT202COV.   
- Introducing the MT202COV as an additional 
element of the CDD review process including 
whether the local regulator expects proper use of the 
new message type.   
- Always sending an MT103 and matching 
MT202COV wherever the sending bank has a 
correspondent relationship and is not in a position to 
‗self clear‘ (eg. for Euro payments within a scheme 
of which the bank is a member).   
- Searching relevant fields in MT202 messages for 
the word ‗cover‘ to detect when the MT202COV is 
not being used as it should be.   
 
- Paying banks take insufficient steps to ensure that 
all outgoing MT103s contain sufficient beneficiary 
information to mitigate the risk of customer funds 
being incorrectly blocked, delayed or rejected. 

Banks have no procedures in place to detect 
incoming payments containing meaningless or 
inadequate payer information, which could allow 
payments in breach of sanctions to slip through 
unnoticed. 
- Insufficient processes to identify payments with 
incomplete or meaningless payer information. 
- Continuing to use the MT202 for all bank-to-bank 
payments, even if the payment is cover for an 
underlying customer transaction. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Examples of GOOD Practice
 
2
 
Examples of POOR practice
 


Supervision Department - AML/CFT Training 
CIP - Wire Transfers
 
- Establishing a specialist team to undertake risk- 
based sampling of incoming customer payments, 
with subsequent detailed analysis to identify banks 
initiating cross-border payments containing 
inadequate or meaningless payer information.   
- Actively engaging in dialogue with peers about the 
difficult issue of taking appropriate action against 
persistently offending banks.   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Examples of GOOD Practice
 
2
 
Examples of POOR practice
 




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