New Anti-Money Laundering and Combating the Financing of Terrorism Regulations Come into Effect

Reporting Entities Required to Disclose Suspicious Transactions and Business Relationships

Yerevan, Armenia - The Armenian government has introduced new regulations aimed at preventing money laundering and combating the financing of terrorism. The new rules require reporting entities to disclose suspicious transactions and business relationships to the authorized body.

Who Must Report?

The following entities are required to report under the new regulations:

Banks and financial institutions
Insurance companies
Investment firms
Trust companies
Lawyers and law firms
Accountants and accounting firms
Real estate agents and property managers
Dealers in precious metals and stones

What Must Be Reported?

Reporting entities must report any transaction or business relationship that is suspected of being related to criminal activity or terrorism, including:

Cash transactions above AMD 5 million, including those involving precious metals and stones
Transactions involving suspicious or unexplained wealth
Transactions involving individuals or companies with a history of criminal activity or terrorism

How Must It Be Reported?

Reporting entities must file a report with the authorized body within 7 days of identifying a suspicious transaction or business relationship. The report must include:

A detailed description of the transaction or business relationship
The identity of the parties involved
Any relevant documentation or evidence

Penalties for Non-Compliance

Reporting entities that fail to comply with the new regulations may face penalties, including fines and imprisonment. Individuals who intentionally or negligently fail to report a suspicious transaction or business relationship may be held criminally responsible.

The new regulations come into effect immediately, and reporting entities are advised to familiarize themselves with the requirements to avoid any potential consequences.

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