Based on these findings it was concluded that Azerbaijan is partially meeting expectations in relation to sorting, preparing and validating the information. However, significant issues have been identified, including with respect to validating the data and following up with issues when files are rejected. Azerbaijan should therefore continue its implementation process accordingly, including by addressing the recommendations made.
Recommendations:
Azerbaijan should continue to work with its exchange partners to address the issues raised.
Azerbaijan should review its systems and procedures to sort, prepare and validate the information to ensure they meet the requirements of the AEOI Standard.
SR 2.5 Jurisdictions should agree and use, with each exchange partner, transmission methods that meet appropriate minimum standards to ensure the confidentiality and integrity of the data throughout the transmission, including its encryption to a minimum secure standard.
Findings:
In order to put in place an agreed transmission method that meets appropriate minimum standards in confidentiality, integrity of the data and encryption for use with each of its exchange partners, Azerbaijan linked to the CTS.
Based on these findings it was concluded that Azerbaijan is fully meeting expectations in relation to agreeing and using appropriate transmission methods with each of its partners. Azerbaijan is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.6 Jurisdictions should carry out all exchanges annually within nine months of the end of the calendar year to which the information relates.
Findings:
Feedback from Azerbaijan’s exchange partners did not raise any concerns with respect to the timeliness of the exchanges by Azerbaijan and therefore with respect to Azerbaijan’s implementation of this requirement.
Based on these findings it was concluded that Azerbaijan is fully meeting expectations in relation to exchanging the information in a timely manner. Azerbaijan is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Feedback from Azerbaijan’s exchange partners did not raise any concerns with respect to Azerbaijan’s use of the agreed transmission methods and therefore with Azerbaijan’s implementation of this requirement.
Based on these findings it was concluded that Azerbaijan is fully meeting expectations in relation to sending the information in accordance with the agreed transmission methods and encryption standards. Azerbaijan is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.8 Jurisdictions should have the systems in place to receive information and, once it has been received, should send a status message to the sending jurisdictions in accordance with the CRS Status Message XML Schema and the related User Guide.
Findings:
11 exchange partners highlighted delays in the sending of status messages by Azerbaijan, representing 12% of its partners. This represents a relatively high proportion of partners, although it has improved over time. It was noted that Azerbaijan has contacted the exchange partners to address the issues to ensure that status messages are sent in accordance with the requirements and that most of the status messages have now been successfully sent.
Based on these findings it was concluded that, overall, Azerbaijan is meeting expectations in relation to the receipt of the information. It was also noted that there is room for improvement with respect to preparing the files in accordance with the CRS Status Message XML Schema and related User Guide. Azerbaijan is encouraged to continue to ensure the ongoing effectiveness of its implementation, including by addressing the recommendation made.
Recommendations:
Azerbaijan should continue to engage with its exchange partners to address the issues raised.
SR 2.9 Jurisdictions should respond to a notification from an exchange partner as referred to in Section 4 of the Model CAA (which may include Status Messages) in accordance with the timelines set out in the Commentary to Section 4 of the Model CAA. In all other cases, jurisdictions should send corrected, amended or additional information received from a Reporting Financial Institution as soon as possible after it has been received.
Findings:
Azerbaijan appears ready to respond to notifications and to provide corrected, amended or additional information in a timely manner and no such concerns were raised by Azerbaijan’s exchange partners and therefore with respect to Azerbaijan’s implementation of these requirements.
Based on these findings it was concluded that Azerbaijan appears to be meeting expectations in relation to responding to notifications from exchange partners and the sending of corrected, amended or additional information. Azerbaijan is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.