Currency Control Agents to Implement Strict Regulations

Strengthening Currency Regulations in Armenia

In a move to enhance currency control measures, the Central Bank of Armenia has announced the implementation of strict regulations on all financial institutions operating in the Republic.

Designation of Currency Control Agents

Banks, credit organizations, and money transfer organizations will be designated as currency control agents. These agencies will be responsible for:

• Supervising and controlling currency operations carried out by residents and non-residents
• Ensuring compliance with Armenian laws and regulations

The Central Bank will set the terms and conditions of currency control performed by these agents.

Supervision and Enforcement

Public authorities in charge of financial management will also supervise the activities of licensed entities to ensure they comply with relevant laws and regulations. Failure to comply may result in:

• Fines
• Revocation of licenses

The Central Bank has warned that it will impose stricter sanctions on repeat offenders, including suspension or revocation of licenses for up to one year.

Objectives of the New Regulations

The new regulations aim to:

• Prevent currency violations
• Ensure a stable financial environment in Armenia

Requirements for Currency Control Agents

Currency control agents will be required to:

• Register all operations
• Submit regular statements and records
• Maintain accurate statistics
• Provide customers with documents verifying foreign currency trade operations

Commitment to Stability

The Central Bank has emphasized its commitment to ensuring a stable financial environment in Armenia and will work closely with other authorities to implement these new regulations.

Timeline

The law is expected to enter into force after six months, following the promulgation by the country’s President, Robert Kocharyan.