Financial Crime World

Armenia Cracks Down on Money Laundering and Terrorist Financing: A Three-Day Training Bolsters Financial Regulation Compliance for Institutions and DNFBPs

Armenia is taking significant strides towards strengthening its financial regulatory framework as part of the international effort to combat money laundering and terrorist financing. The country is recognizing the crucial role financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) play in this fight.

Collaborative Training for Financial Institutions and DNFBPs

To address this topic, the Council of Europe and the Financial Monitoring Center of the Central Bank of Armenia (FIU of Armenia) collaborated to organize a three-day intensive training for over 140 participants from Financial Institutions and DNFBPs. The training, held in Yerevan, Armenia, from January 23-25, aimed to enhance their expertise in Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and targeted financial sanctions implementation.

  • Over 140 participants from Financial Institutions and DNFBPs attended the training
  • The training focused on enhancing their expertise in AML, CTF, and targeted financial sanctions implementation

Valuable Insights into Effective AML/CTF Compliance Programs

During the training, participants gained valuable insights into the development and implementation of effective AML/CTF compliance programs and risk-based approaches within their respective sectors.

  • Discussed the importance of effective AML/CTF compliance programs and risk-based approaches

Case Studies and Typologies Relevant to the Financial Industry and DNFBPs

Detailed discussions on case studies and typologies relevant to the financial industry and DNFBPs were held, empowering attendees to proactively identify, mitigate, and prevent financial crimes.

  • Case studies and typologies were discussed in detail to help attendees identify, mitigate, and prevent financial crimes

Implementing Targeted Financial Sanctions

A significant focus of the training was implementing targeted financial sanctions, as awareness is raised on the national regulatory framework, international standards, and best practices.

  • Encouraged participants to engage in discussions on implementing targeted financial sanctions

Aligning Financial and Non-Financial Sectors with Global AML/CTF Standards

The involvement of national institutions in this training showcases Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards, ensuring a safer and more secure financial environment in the country.

  • National institutions’ involvement highlights Armenia’s commitment to global AML/CTF standards

Capacity-Building Event within the Partnership for Good Governance

This capacity-building event 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, titled “Enhancing national capacities for effective prevention and fight against economic crime in Armenia,” aims to promote good governance within Armenia’s regulatory structures.

  • The training is part of the larger “Partnership for Good Governance” project to promote good governance within Armenia’s regulatory structures