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Licensing and Registration Requirements for Banks in Armenia

Licensing

The process of obtaining a license to operate a bank or foreign bank branch in Armenia involves prior approval from the Central Bank. The key points related to licensing are as follows:

  • Prior Approval: The Central Bank scrutinizes the mediation letter and economic program of the bank or foreign bank branch (Article 25-26).
  • Grounds for Rejection: The Central Bank may reject the mediation if:
    • Activities contradict existing legislation
    • Economic program does not comply with norms defined by the Central Bank
    • Foreign bank is not authorized to conduct banking activity in its country of registration
  • Initial Approval: Initial approval shall be deemed obtained if the Central Bank does not notify the applicant within a month.

Registration

A bank or foreign bank branch must submit documents to the Central Bank for registration (Article 27). The key points related to registration are as follows:

  • Submission of Documents: A bank or foreign bank branch submits documents to the Central Bank for registration.
  • Registration Period: The Central Bank registers the bank or foreign bank branch within a month upon receipt of all necessary documents.
  • Suspension of Registration: Registration can be suspended indefinitely by the Central Bank if additional information is required.
  • Minimum Statutory Fund Requirement: A bank or foreign bank branch shall only be registered if it meets the minimum statutory fund requirement set by the Central Bank.

Registration Certificate and Notification

Once a bank or foreign bank branch is registered, the Central Bank produces a registration certificate within three days (Article 27). The key points related to the registration certificate and notification are as follows:

  • Registration Certificate: The Central Bank produces a registration certificate to the bank or foreign bank branch within three days after registration.
  • Notification: The Central Bank notifies state registration bodies of the registration within five days after registration.

Note

This article summarizes specific regulations related to banking activities in Armenia. For more comprehensive information, you should consult the full text of the laws and regulations governing these matters.