Financial Crime World

Armenia Takes Step Forward in Fighting Financial Crime with Collaborative Training Initiative

Yerevan, Armenia - Enhancing Defenses Against Money Laundering and Terrorist Financing

In a significant move to strengthen its defenses against money laundering and terrorist financing, the Council of Europe has partnered with the Financial Monitoring Center of the Central Bank of Armenia (FIU) to host a three-day training program for over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs).

Comprehensive Workshop Aimed at Enhancing Expertise in AML, CTF Compliance

The workshop aimed to enhance the expertise of Armenian financial entities in Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) compliance, and the implementation of targeted financial sanctions. The training program focused on introducing best practices for an effective compliance program, risk-based approach, and typologies relevant to Armenia’s financial sector.

Experts Engage in Interactive Sessions, Discussions, and Case Studies

Experts from various sectors participated in interactive sessions, engaging discussions, and case studies that provided practical insights into identifying, mitigating, and preventing financial crimes. A key aspect of the training was the exploration of emerging challenges related to national money laundering and terrorist financing risk assessment (NRA) and effective preventive measures.

Promoting a Safer and More Secure Financial Environment

The event underscored Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards, promoting a safer and more secure financial environment in the country. This collaborative initiative is part of the European Union and Council of Europe joint program “Partnership for Good Governance,” which aims to enhance national capacities for effective prevention and fight against economic crime.

A Pivotal Step Forward in Combating Financial Crime

The training marked a pivotal step forward in Armenia’s efforts to combat financial crime, reflecting the country’s proactive approach in embracing international standards and best practices. As Armenia continues to strengthen its AML/CTF framework, it sets a positive precedent for regional cooperation and commitment to global anti-financial crime initiatives.

Key Takeaways:

  • Over 140 representatives from financial institutions and DNFBPs participated in the three-day training program.
  • Experts engaged in interactive sessions, discussions, and case studies on AML, CTF compliance, and targeted financial sanctions.
  • The event highlighted Armenia’s commitment to aligning its financial sector with global standards and promoting a safer financial environment.