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Armenia: AML Guidelines for Small Businesses

In a move to enhance financial transparency and combat money laundering, Armenia has implemented guidelines to ensure small businesses comply with Anti-Money Laundering (AML) regulations. According to the Mutual Evaluation Report 2016, Armenia has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Assessing Risk and Applying a Risk-Based Approach

Armenia’s AML guidelines require financial institutions to assess risk and apply a risk-based approach when conducting customer due diligence. This ensures that high-risk customers are subject to stricter controls and monitoring.

High-risk customers are subject to stricter controls and monitoring
Financial institutions must assess risk before conducting customer due diligence

National Cooperation and Coordination

The country has strengthened national cooperation and coordination between law enforcement agencies, financial intelligence units, and other relevant authorities to combat money laundering and terrorist financing.

Law enforcement agencies collaborate with financial intelligence units and other authorities to combat money laundering and terrorist financing
National cooperation and coordination are essential for effective AML measures

Money Laundering Offence

Armenia’s AML guidelines define money laundering as the conversion or transfer of property, knowing that such property represents proceeds from a criminal offense. This provision aims to prevent the use of financial systems for illegal activities.

Money laundering is defined as the conversion or transfer of property with knowledge that it represents proceeds from a criminal offense
Preventing the use of financial systems for illegal activities is a key objective of AML measures

Confiscation and Provisional Measures

The country has implemented measures to confiscate and freeze assets linked to money laundering and terrorist financing offenses. This ensures that criminals cannot benefit from their illegal activities.

Assets linked to money laundering and terrorist financing offenses are confiscated and frozen
Criminals cannot benefit from their illegal activities with these measures in place

Terrorist Financing Offence

Armenia’s AML guidelines also criminalize the provision or collection of funds, or the making available of any other form of financial assistance, with the intention of committing a terrorist act.

The provision or collection of funds for terrorist purposes is criminalized
Financial assistance to terrorists is prohibited under Armenian law

The country has implemented targeted financial sanctions against individuals and entities involved in terrorism and terrorist financing.

Targeted financial sanctions are applied to individuals and entities involved in terrorism and terrorist financing
These measures help prevent the misuse of financial systems for terrorist purposes

And so on…