BAKU, Azerbaijan, March 31. Raiffeisen Bank International (RBI), based in Austria, will continue to focus on compliance issue in cooperation with Azerbaijan this year, RBI told Trend.
Raiffeisen Bank International said it has been acting for many years as the main correspondent bank in Europe for the financial market of Azerbaijan.
“We play a bridge role in connecting the Azerbaijani institutions to the European and global economy. Compliance has been one very important topic for several years already in the correspondent relations. A couple of years ago we implemented the business compliance framework to meet strict international compliance requirements and regulatory scrutiny in the markets of our operations,” said the Bank.
RBI said the goal was to enhance the standards of our local partners in Azerbaijan to the international level, to establish better awareness of compliance and anti-money laundering topics as well as to implement respective processes in day-to-day correspondent banking routine.
“In 2022, as a result of our joint efforts with the commercial banks and the Central Bank of Azerbaijan, we were happy together with our partners to see significant improvements in this field, which were also confirmed by external independent auditors. The focus on compliance and further developments in this area will accompany us further in the new year.”
Raiffeisen Bank is represented in 24 countries. In Central and Eastern Europe, Raiffeisen Bank covers 12 countries, five of which are EU members, with subsidiary banks. Its consolidated profit stood at 3.6 billion euros in 2022, driven by significant increase in core revenues.
RBI not only offers Austrian and international companies a broad range of products in corporate and investment banking, but also a comprehensive coverage in CEE. Through an extensive branch network, local companies of all sizes as well as private customers are supplied with high-quality financial products. RBI maintains representative offices and service branches in selected Asian and Western European locations to support its business activities.
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