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Central Bank Slaps Heavy Sanctions on Licensed Entities Violating Currency Regulations

Tough Penalties for Currency Regulation Violators

The Central Bank of Armenia has announced a series of tough sanctions for licensed entities that violate currency regulations, in an effort to strengthen the country’s financial oversight.

New Rules and Penalties

• Multiple Offenses: Licensed individuals and institutions that breach currency regulations three or more times in a year will have their licenses revoked or face fines equivalent to 4,000 times the minimum salary.
• Foreign Exchange Dealers and Brokers: Failure to provide customers with invoices verifying foreign currency transactions will result in fines equal to 4,000 times the minimum salary or license revocation.
• Banks and Credit Organizations: Failure to provide customers with invoices will be held responsible under laws governing “The Central Bank of Armenia”, “Banks and Banking” and “Credit Organizations”.
• Manager and Employee Sanctions: The Central Bank has the power to revoke qualification certificates of managers or employees of licensed entities in cases where sanctions are applied.

Additional Consequences

• Foreign Exchange Trading Ban: Individuals or institutions whose licenses have been revoked or whose qualification certificates have been revoked by the Central Bank will face a three-year ban on foreign exchange trading.
• Reinstatement after One Year: If an entity does not violate currency regulations within one year after the application of sanctions, it will be recognized as having no further sanctions imposed upon it.

Effective Date and Repeal of Old Law

The new laws come into effect six months after promulgation, with the old Law on Currency Regulation and Currency Control set to be repealed. This move is seen as a major step towards strengthening Armenia’s financial system and combating currency violations.