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Banking Compliance Procedures in Armenia: A Comprehensive Overview

The Armenian banking sector operates under a complex regulatory framework, governed by numerous laws and normative acts. This article provides an overview of the legal acts that regulate banking activities in Armenia.

Laws and Codes

A multitude of laws and codes govern banking operations in Armenia. Some key legislation includes:

  • RA Law on Civil Code of the Republic of Armenia
  • RA Law on Banks and Banking
  • RA Law on Attraction of Bank Deposits
  • RA Law on Guaranteeing the remuneration of bank deposits of physical entities
  • RA Law on Bank Secrecy
  • RA Law on Currency regulation and currency control
  • RA Law on Transfer of funds by payment orders
  • RA Law on Electronic document and electronic signature
  • RA Law on Profit tax
  • RA Law on Income tax
  • RA Law on Consumer crediting
  • RA Law on Financial System Mediator
  • RA Law on Combating money laundering and terrorism financing

In addition to these laws, several decisions and decrees issued by the Central Bank of Armenia (CBA) also play a crucial role in shaping banking compliance procedures. Some notable examples include:

  • CBA Decision on the “Order on submitting signatures sample cards to the taxation bodies upon opening bank accounts at the banks operating in the territory of RA”, 11.12.2001, N-319
  • CBA Decision on the “Order on conducting transfers by periodic payment orders in the RA”, 1.02.2000, N-18
  • CBA Decree on approving the “Order on issuing, servicing and circulation of cheques within RA”, 24.058.2005, N-238
  • RA Government decision approving the “Order on setting requirements for documents substantiating the expenses and preparation of these documents”, 25.08.1998, N-525

Regulations

The CBA has also issued several regulations that govern banking activities in Armenia. Some key regulations include:

  • Regulation 1 on Registration and Licensing of Banks and Branches of Foreign Banks, Registration of Bank Branches and Representative offices, qualification and registration of managers of banks and branches of foreign banks
  • Regulation 2 on “Regulation of banking, prudential standards for banking”
  • Regulation 3 on Bank Reports, the Submission and Publication Thereof
  • Regulation 7 on Formation of Temporary Administration at Insolvent Banks and Credit Organizations; Reporting by Head of Temporary Administration
  • Regulation 8/01 on Explanations and Examples of the Calculation of Annual Percentage Rate of Charge
  • Regulation 8/02 on the Calculation of Annual Percentage Yield of Bank Deposits
  • Regulation 8/03 on Information Publication by Banks, Credit Organizations, Insurance Companies, Insurance Brokers, Investment Companies, Central Depository and Payment and Settlement Organizations Implementing Money Remittances
  • Regulation 8/04 on Minimum Conditions and Principles for Internal Rules, Regulating the Procedure of Examination of Complaints/Claims of Customers
  • Regulation 8/05 Rules of Business Conduct of Financial Institutions"
  • Regulation 8/06 Requirements to procedures and methods of application of rules of business treatment of banks and credit organizations with guarantors
  • Regulation 9 on Operations with Cash in Banks Functioning on the Territory of the Republic of Armenia

Internal Documents

The above-mentioned laws, normative acts, decisions, and regulations can be accessed through various websites, including www.laws.am, www.cba.am, and www.parliament.am. However, Fast Bank is not responsible for the accuracy and reliability of the content on these websites or any potential consequences resulting from using this information.

Update

This article has been updated as of January 17, 2023.