Risk-Based Approach to Financial Crime Compliance in Armenia Gains Momentum
In a concerted effort to strengthen Armenia’s defenses against money laundering and terrorist financing, the Council of Europe has collaborated with the Financial Monitoring Center of the Central Bank of Armenia (FIU) to organize a comprehensive three-day training program. This initiative brought together over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs), highlighting their pivotal role in the fight against illicit activities.
Enhancing Expertise through Training
The training program, which took place from January 23-25, focused on enhancing the expertise of participating institutions in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance. The event aimed to familiarize attendees with the key components of an effective compliance program and risk-based approach specific to their sectors.
Key Takeaways
- Typologies and case studies relevant to financial sector and DNFBPs were presented, equipping participants with practical insights and experience to identify, mitigate, and prevent financial crimes within their respective sectors.
- The implementation of targeted financial sanctions was addressed, raising awareness on national regulatory frameworks, international standards, and best practices.
- Effective strategies for applying relevant preventive measures were discussed, including those related to national money laundering and terrorist financing risk assessment (NRA).
A Safer Financial Environment
This collaborative effort reflects Armenia’s proactive approach in aligning its financial and non-financial sectors with global AML/CTF standards. The European Union and the Council of Europe joint program “Partnership for Good Governance” supports this initiative, aiming to enhance national capacities for effective prevention and fight against economic crime in Armenia.
By strengthening financial crime compliance, Armenia is taking a significant step towards creating a safer and more secure financial environment for its citizens. This proactive approach will undoubtedly contribute to the country’s long-term stability and prosperity.