Bank Obliged to Provide Information to Court within Two Banking Days

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The Central Bank of Armenia has issued a decree stating that banks are required to provide information and documentation requested by the court or an authorized person in a closed envelope within two banking days. This decision is aimed at ensuring compliance with court decisions and judgments.

Key Points

• Banks must provide confidential information to the court within two banking days
• Customers will be informed about their bank’s obligation to share confidential information
• The Central Bank has been empowered to directly inform criminal investigation authorities if suspicious transactions are detected

Tax Authorities Get Access to Confidential Banking Information

The Central Bank has also issued a directive stating that banks are required to submit confidential banking information on their customers to the Tax Authorities of the Republic of Armenia only upon:

• A court decision taken under the Code of Civil Procedure or Code of Criminal Procedure of the Republic of Armenia
• A lawful final judgment of the court

Central Bank Informs Authorities of Suspicious Transactions

The Central Bank has been empowered to directly inform criminal investigation authorities if an analysis of information defined by the Armenian law On Anti-Money Laundering and Combating Financing of Terrorism reveals that there has been a case or attempt of money laundering or financing of terrorism. The Central Bank may also provide information containing banking secrecy on the basis of a request received from criminal investigation authorities.

Banks May Share Confidential Information

According to Article 14 of the decree, banks are allowed to exchange or provide information on their customers, even if it represents banking secrecy, within:

• Each other
• Credit organizations identified by the “RA Law on Credit Organizations”

Central Bank May Obtain Banking Secrecy Information

The Central Bank has been empowered to obtain and study information referring to bank customers, even if it represents banking secrecy, in cases where such information is required for assessment of loans and other investments.

Bank Managers Obliged to Report Crimes

Article 17 of the decree states that:

• Bank managers are obliged to notify the Criminal Prosecution Authorities any imminent crimes or crimes already committed that are definitely known to them
• Bank employees are also obliged to notify their managers or at least one of them in a written form if they have knowledge of an imminent crime or a crime already committed

Important Note

No provision of this decree shall mean that persons who fail to inform crimes are relieved from criminal liability under the Criminal Code of the RA.