Financial Crime World

Financial Crime Training and Awareness in Armenia: A Step Towards a Safer Financial Environment

Introduction

In recent years, the financial sector in Armenia has taken significant steps to combat financial crimes such as money laundering and terrorist financing. One of these major steps is the implementation of a compliance risk assessment framework aimed at tackling these illicit activities.

Training Session Organized by Council of Europe

The Council of Europe, in partnership with the Financial Monitoring Center of the Central Bank of Armenia (FIU), recently organized a three-day training session that brought together over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs). The training program aimed to equip participants with the skills and knowledge necessary to develop effective anti-money laundering (AML) and counter-terrorist financing (CTF) compliance programs.

Objectives of the Training Session

The training session focused on familiarizing attendees with the main elements of a risk-based approach specific to the financial sector and DNFBPs. The objectives of the training were:

  • Equip participants with practical insights and experience in identifying, mitigating, and preventing financial crimes
  • Emphasize the importance of implementing targeted financial sanctions
  • Raise awareness on Armenia’s national regulatory framework, international standards, and best practices

Key Topics Covered

The training session covered key topics such as:

  • Typologies and case studies relevant to the financial sector and DNFBPs
  • Risk-based approach specific to the financial sector and DNFBPs
  • Implementing targeted financial sanctions
  • Armenia’s national regulatory framework, international standards, and best practices

Commitment to Good Governance

The active engagement of national institutions reflects Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards. This commitment is part of the European Union and 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 as part of the Project on “Enhancing national capacities for effective prevention and fight against economic crime in Armenia”.

Conclusion

The implementation of a compliance risk assessment framework will help strengthen Armenia’s financial sector against money laundering and terrorist financing. The training session aimed to equip participants with the skills and knowledge necessary to develop effective AML/CTF compliance programs, ensuring that they are better equipped to identify and prevent financial crimes.

Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards demonstrates its dedication to creating a safer and more secure financial environment. The country is taking significant steps towards achieving this goal, and the implementation of a compliance risk assessment framework is a major step in the right direction.