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Armenia Banking Regulations Compliance: A Guide to Legal Acts and Regulations

The Republic of Armenia’s banking sector is governed by a plethora of legal acts and regulations aimed at ensuring the stability, transparency, and security of financial transactions. These laws and codes provide a framework for banks to operate within, while also protecting consumers and preventing illicit activities.

Key Laws and Codes Regulating the Banking Industry in Armenia

  • RA Law on Civil Code
  • RA Law on Banks and Banking
  • RA Law on Attraction of Bank Deposits
  • RA Law on Guaranteeing the Remuneration of Bank Deposits of Physical Entities
  • Laws dealing with:
    • Bank secrecy
    • Currency regulation
    • Transfer of funds by payment orders
    • Electronic documents
    • Profit tax
    • Income tax
    • Consumer crediting
    • Financial system mediators
    • Combating money laundering and terrorism financing

Central Bank of Armenia (CBA) Decisions and Decrees

  • CBA Decision on “Order on Submitting Signature Sample Cards to Taxation Bodies Upon Opening Bank Accounts at Banks Operating in RA”
  • Other decisions and decrees providing guidance on specific aspects of banking regulations

Regulations Shaping the Regulatory Landscape for Armenia’s Banking Sector

  • Regulations issued by the CBA and government covering:
    • Bank registration and licensing
    • Prudential standards for banking
    • Reporting requirements
    • Calculation of annual percentage rates
    • Information publication
    • Internal rules for complaint examination

Ensuring Compliance with Laws and Regulations

  • Financial institutions must regularly review and update internal documents to reflect changes or updates to the regulatory framework.
  • CBA and government websites provide easy access to relevant legal acts and regulations, making it easier for banks and other financial institutions to stay informed and compliant.

Disclaimer and Important Notes

As of January 17, 2023, at 13:30, this information is accurate and reliable. Fast Bank disclaims any responsibility for its accuracy or reliability. The content may be subject to change without notice, and users should consult the relevant websites for the most up-to-date information.