Financial Crime World

Banking Sector Compliance Best Practices in Focus at Armenian Training Event

===========================================================

A three-day training program recently brought together over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs) in Armenia to discuss the importance of anti-money laundering (AML), counter-terrorist financing (CTF) compliance, and targeted financial sanctions for proliferation and terrorism financing. The event was organized by the Council of Europe in cooperation with the Financial Monitoring Center of the Central Bank of Armenia.

Program Objectives

The program aimed to enhance the expertise of financial institutions and DNFBPs in AML/CTF compliance and risk-based approach specific to these sectors. The objectives were:

  • To discuss typologies and case studies relevant for financial sector and DNFBPs, providing participants with practical insights and experience in identifying, mitigating, and preventing financial crimes within their respective sectors.
  • To focus on the implementation of targeted financial sanctions, highlighting the importance of national regulatory frameworks, international standards, and best practices.

Event Highlights

The training also provided a platform for engaging discussions on emerging challenges related to:

  • National money laundering and terrorist financing risk assessment (NRA)
  • Effective strategies for applying relevant preventive measures

Outcomes

The active engagement of national institutions reflects Armenia’s proactive approach in aligning its financial and non-financial sectors with global AML/CTF standards, ultimately contributing to a safer and more secure financial environment in the country.

Project Background

This event is part of the European Union and the Council of Europe joint program “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the Project on:

  • Enhancing national capacities for effective prevention and fight against economic crime in Armenia