Financial Crime World

Title: New Milestones in Armenian Banking Compliance: Central Bank Laws and Regulations

Establishment of Modern Armenian Banking System (Mid-90s)

  • Laws Endorsed: Armenian Laws on “The Central Bank,” “Banks and Banking,” “Bankruptcy of Banks, Credit Institutions and insurance companies,” and “Banking Secrecy”
  • Objectives: Establishing a modern banking system in the Republic with price stability, banking sector stability, and regulation

The Central Bank (1990s)

  • Law on “The Central Bank”: Objectives, authority, structure, management
  • Central Bank’s Powers: Currency agent, currency control, economic relations

Banks and Banking (1990s)

  • Law on “Banks and Banking”: Framework for Armenian banks
  • Scope: Registration, licensing, termination, definitions, corporate structure, management, financial activities, prudential standards

Essential Changes to Banking Legislation (2002)

  • Armenian Law on “Credit Organizations”
  • amendments in March 2004: Procedure of Central Bank inspections, Central Bank-licensed parties’ liabilities, FX revaluation reserves, deposit guarantee schemes, and bankruptcy proceedings

Banking Secrecy (2004)

  • Armenian Law on “Banking Secrecy”
  • Procedures: Information disclosure to criminal prosecutors, courts, tax authorities, and heirs

Significant Legislation (2004)

  • Armenian Law on “Combating the Legalization of Proceeds from Crime and Financing of Terrorism”

    • Regulating and organizing the fight against money laundering and terrorism financing

  • Armenian Law on “Currency Regulation and Currency Control”

    • Clarifying definitions, cases, and requirements for monetary transactions

  • Armenian Law on “Payment and Settlements Systems and Payment and Settlements Organizations”

    • Ensuring a stable and reliable financial and banking sector

Enhancing Depositor Confidence and Protecting Interests (2004)

  • Armenian Law on “Guarantee of Remuneration of Bank Deposits of Individuals”
    • Framework for the guarantee of bank deposit remuneration for individuals

Ongoing Evolution of Banking Compliance Regulations

  • Adapting to global best practices
  • Changing economic landscape

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