Financial Crime World

ARMENIA STEPS UP FIGHT AGAINST FINANCIAL CRIME: TRAINING PROGRAM BOOSTS REGULATORY COMPLIANCE

Yerevan, Armenia - January 25, 2023

In a significant move to strengthen its financial regulatory framework, the Republic of Armenia has launched a three-day training program for over 140 participants from financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs). The training, organized by the Council of Europe and the Financial Monitoring Center of the Central Bank of Armenia (FIU), aims to enhance expertise in Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and targeted financial sanctions implementation.

Training Program Highlights

  • Expertise Development: The program brought together representatives from various sectors, including banking, finance, and other industries, to share knowledge and best practices on developing effective AML/CTF compliance programs.
  • Workshops and Case Studies: Participants gained valuable insights into identifying, mitigating, and preventing financial crimes through a series of workshops, discussions, and case studies.

Key Focus Areas

  • Targeted Financial Sanctions: Experts shared their knowledge on national regulatory frameworks, international standards, and best practices.
  • Implementation Strategies: The involvement of national institutions in this training underscores Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards.

Capacity-Building Event

The training program 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. The project aims to promote good governance within Armenia’s regulatory structures, with a specific focus on enhancing national capacities for effective prevention and fight against economic crime.

Armenia’s Commitment to Global Standards

By hosting this training program, Armenia is taking concrete steps towards strengthening its financial regulatory framework and demonstrating its commitment to international standards in the fight against money laundering and terrorist financing.