Financial Monitoring service

at the ministry of

Finance and economy of Turkmenistan

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Supervisory activities

Supervisory activities

One of the main Service’s AML/CFT work effectiveness instrument is supervisory activity.

The Service exercises control over the execution of AML/CFT legislation of Turkmenistan by the subjects of financial monitoring with regard to recording, storing and submitting information on suspicious transactions with cash and other property, as well as transactions and transactions subject to mandatory control.

The Service and other state bodies, in accordance with their competence, on the basis of the procedure established by the legislation of Turkmenistan in the field of AML/CFT, supervise the execution of transactions with cash and other property, control the execution of due diligence of clients (their representatives) and beneficiaries, have the opportunity to suspend and refuse to carry out operations (transactions), as well as block accounts if there are grounds to do so, ensure the protection of information received in the course of activities, as well as organize.

The basic directions of supervising activity of Financial monitoring service on financial monitoring are:

1.Coordination of activity of supervising bodies and interaction with them in the field of AML/CFT;

2.Conducting inspections of organizations carrying out transactions with cash or other property, in the sphere of activity of which there are no supervisory authorities, in order to prevent and prevent violations in the field of AML/CFT;

3.Interaction with executive authorities, prosecutor's offices, public associations and other organizations on AML/CFT issues.

The purpose of verification actions of SFM is prevention of infringements in sphere of application of the legislation on AML/CFT by the organizations and their officials, and also revealing of the operations having signs of connection with legalization of criminal incomes or terrorism financing.

With a view of prevention of offences in the sphere of AML/CFT legislation execution, SFM carries out close cooperation with the state organizations and law-enforcement bodies of Turkmenistan.

Carrying out of control and supervision actions allows to provide quality and an urgency of the information on financial operations. Materials of checks of the organizations, serve as an additional source of the information at carrying out of financial investigations and other analytical work of Financial monitoring service, directed on combating the legalization of criminal proceeds and terrorism financing.

For infringements of requirements provided by the legislation in sphere of AML/CFT the responsibility according to the legislation of Turkmenistan.