Financial Crime World

Armenia’s Financial Institutions Step Up Security Measures to Combat Money Laundering and Terrorism Financing

ID Bank CJSC Reaffirms Commitment to Highest Ethical and Regulatory Standards

Yerevan, Armenia - ID Bank CJSC has reaffirmed its commitment to upholding the highest ethical and regulatory standards in its operations, ensuring that neither the bank nor its services are used to facilitate international sanctions violations.

Prioritizing Client Interests, Safety, and Business Continuity

As a responsible participant in the global financial system, ID Bank CJSC prioritizes protecting clients’ interests, safety, and business continuity. To achieve this, the bank complies with UN Security Council, European Union, UK, US, and other international sanctions and restrictions.

Sanctions Policy and Anti-Money Laundering/Terrorism Financing (AML/TF) Policy

The bank’s Sanctions Policy prohibits any activity by its clients that breaches applicable sanctions, resulting in rejected transfers/transactions and potential refusal of service to those clients. The AML/TF Policy aims to prevent the use of the bank as a tool for money laundering and terrorism financing, mitigate associated risks, protect business reputation, and ensure compliance with international standards.

Measures Implemented to Prevent Money Laundering and Terrorism Financing

The AML/TF Policy includes measures such as:

  • Customer due diligence
  • Enhanced customer due diligence
  • Daily monitoring
  • Updating customer data
  • Risk-based approach
  • Identification of suspicious transactions
  • Submission of mandatory reports to the Central Bank
  • Employee training in AML/CFT principles

Additional Measures to Prevent Illegal Activities

ID Bank CJSC also prohibits:

  • Opening anonymous or fictitious accounts
  • Servicing bearer securities
  • Conducting transactions involving:
    • Nuclear energy
    • “Red-light” business
    • Marijuana
    • Virtual currencies

The bank rejects transactions if customers fail to provide required documents for establishing a business relationship or executing a transaction.

Commitment to AML/TF Compliance

ID Bank CJSC’s commitment to AML/TF compliance is further demonstrated by its participation in the Wolfsberg Group Anti-Money Laundering Questionnaire, an industry-wide initiative aimed at promoting best practices in AML/CFT.