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Compliance Regulations for Banks in Armenia

Armenia’s banking sector is subject to a range of compliance regulations, aimed at ensuring the stability and integrity of the financial system. These regulations are enforced by the Central Bank of Armenia (CBA) and cover various aspects of banking operations.

Laws

The laws governing Armenian banks include several key pieces of legislation:

  • The Civil Code of the Republic of Armenia, as amended in 1998, provides a framework for banking activities.
  • The Law on Banks and Banking, adopted in 1996, sets out the rights and obligations of banks.
  • The Law on Bank Secrecy, also enacted in 1996, protects customer confidentiality.

Other key laws include:

  • The Law on Attraction of Bank Deposits, which regulates the deposit-taking activities of banks.
  • The Law on Guarantee of Bank Deposits of Physical Entities, which ensures the protection of deposits up to a certain amount.
  • The Law on Currency Regulation and Currency Control, which oversees foreign exchange transactions.

Regulations

In addition to laws, the CBA has issued several regulations governing banking operations:

  • Regulation 9 on Usability and Wear-and-Tear Criteria of Banknotes of the Republic of Armenia, which sets out guidelines for cash handling.
  • Regulation 2 on Regulation of Banking, Prudential Standards for Banking, which establishes minimum capital requirements for banks.
  • Regulation 3 on Bank Reporting, Submission and Publication of Reports, which requires banks to submit regular reports to the CBA.

Other key regulations include:

  • Regulation 8/02 on the Calculation of Annual Percentage Yield of Bank Deposits, which sets out guidelines for deposit interest rates.
  • Regulation 8/03 on Information Publication by Banks, Credit Organizations, Insurance Companies, Insurance Brokers, Investment Companies, Central Depositary and Payment and Settlement Organizations Implementing Money Remittances, which requires banks to disclose certain information to customers.
  • Regulation 8/05 on the Procedure, Terms, Forms and Minimum Requirements for Communication between Bank and Depositor, Creditor and Consumer, which sets out guidelines for customer communication.

Procedure of Establishment of Creditability Database

The CBA has also established a procedure for establishing a creditability database (credit register) for clients of banks, credit organizations, and branches of foreign banks operating in Armenia. This database aims to improve the accuracy and reliability of credit information and facilitate lending decisions.

Combating Money Laundering and Terrorism Financing

Armenian banks are also subject to regulations aimed at combating money laundering and terrorism financing:

  • The Law on Combating Money Laundering and Terrorism Financing, adopted in 2008, requires banks to implement anti-money laundering measures, including customer due diligence and reporting suspicious transactions.

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