Compliance Measures for Banks in Armenia: A List of Regulations and Normative Legal Acts

In an effort to ensure transparency and compliance, banks operating in Armenia are subject to a comprehensive set of regulations and normative legal acts. The following is a list of the key laws and regulations that govern banking activities in the country.

Laws Regulating Banking Activities in Armenia

Law of the Republic of Armenia “On Banks and Banking”

• Establishes the framework for the operation of banks in Armenia, including their licensing, registration, and supervision.
• Sets out the requirements for bank capital, liquidity, and risk management, as well as the procedures for bank inspections and audits.

Prevention of Money Laundering and Terrorism Financing

Law of the Republic of Armenia “On Combating Money Laundering and Terrorism Financing”

• Aims to prevent and combat money laundering and terrorism financing in Armenia.
• Sets out the requirements for banks and other financial institutions to identify, report, and verify the identity of their customers, as well as to monitor and record all transactions.

Bank Secrecy

Law of the Republic of Armenia “On Bank Secret”

• Establishes the principles for bank secrecy in Armenia, including the obligations of banks to maintain confidentiality regarding their customers’ financial information.
• Sets out the procedures for accessing and disclosing bank records, as well as the penalties for violating bank secrecy.

Bankruptcy of Financial Institutions

Law of the Republic of Armenia “On Bankruptcy of Banks, Credit Organizations, Investment Companies, Investment Fund Managers, and Insurance Companies”

• Governs the process of bankruptcy and liquidation of banks and other financial institutions in Armenia.
• Sets out the procedures for declaring bankruptcy, appointing a liquidator, and distributing assets among creditors.

Regulations of the Central Bank of Armenia

Resolution N 102-Н on Approval of Regulation 4 “Minimum Requirements for Internal Control at Banks”

• Establishes the minimum requirements for internal control at banks in Armenia.

Procedure of Establishment of Creditability Database (Credit Register) of Clients of Banks, Credit Organizations and Branches of Foreign Banks Operating in Armenia

• Sets out the procedure for establishing a credit database for clients of banks and other financial institutions operating in Armenia.

Resolution N 190-Н on Approval of Regulation 1 “On Procedures of Licensing, Registration, Giving Consent and Permission, Appraisal of the Professional Adequacy and Qualification in the Banking”

• Establishes the procedures for licensing, registration, giving consent and permission, appraisal of professional adequacy and qualification in banking.

Resolution #39-Н on Approval of Regulation 2 “On Regulation of Banking, Prudential Standards for Banking”

• Establishes the regulation of banking and prudential standards for banking in Armenia.

These regulations and laws are available at www.arlis.am. Banks operating in Armenia must comply with these requirements to ensure transparency and accountability in their operations.