Armenia Introduces New Reporting Requirements for Financial Institutions and Other Entities

Combating Money Laundering and Terrorist Financing

Yerevan, Armenia - In an effort to combat money laundering and terrorist financing, the Armenian government has introduced new reporting requirements for financial institutions and other entities.

Effective Date and Scope of Reporting Requirements

As of [effective date], financial institutions in Armenia will be required to report non-cash transactions above AMD 20 million (approximately USD $40,000) as well as cash-related transactions above AMD 5 million. Notaries, organizers of casino games, lotteries, and real estate transactions will also be subject to reporting requirements.

Entities Subject to Reporting Requirements

The new regulations apply to a wide range of entities, including:

• Financial institutions
• Notaries
• Attorneys
• Accountants
• Auditors
• Dealers in precious metals and stones

These entities must report suspicious transactions or business relationships if they suspect that the property involved is the proceeds of a criminal activity or is related to terrorism.

Purpose of Reporting Requirements

The reporting requirements are designed to help authorities detect and prevent money laundering and terrorist financing activities. Under the new regulations, financial institutions and other entities will be required to submit reports on suspicious transactions or business relationships to the Armenian Financial Intelligence Unit (FIU).

Role of FIU

The FIU will be responsible for reviewing the reports and taking appropriate action to prevent and combat money laundering and terrorist financing.

International Cooperation

The new regulations are part of Armenia’s efforts to comply with international standards on anti-money laundering and combating the financing of terrorism. The country has been working closely with the international community to strengthen its financial sector and prevent illegal activities.

Confidentiality and Exemptions

Reporting entities will be prohibited from informing the person or persons involved in a transaction about the filing of a report. Additionally, the FIU will have the authority to determine which transactions are exempt from reporting requirements.

Importance of Cooperation

The Armenian government has emphasized the importance of cooperation between financial institutions, law enforcement agencies, and regulatory bodies to prevent money laundering and terrorist financing. The new regulations are designed to enhance transparency and accountability in Armenia’s financial sector.

Accessing the Full Text of the Regulations

The full text of the new regulations can be found on the website of the Armenian Ministry of Finance.