Armenia Tightens Belts on Anti-Money Laundering Policies
ID Bank Reinforces Commitment to Responsible Banking Practices
Yerevan, Armenia - In a bid to strengthen its stance against financial crimes, ID Bank CJSC has reinforced its anti-money laundering (AML) and combating terrorism financing (CFT) policies, aligning them with the highest international standards.
Strengthening Sanctions Policy
As part of its commitment to responsible banking practices, ID Bank has pledged to prevent any activity that might facilitate breaches of applicable sanctions. The bank’s Sanctions Policy prohibits any actions by its clients that would contravene international restrictions imposed by:
- United Nations Security Council
- European Union
- United Kingdom
- United States
- Other authorities
Key Measures in AML/CFT Policy
ID Bank’s AML/CFT Policy is designed to prevent money laundering and terrorism financing through the implementation of several key measures, including:
- Know Your Customer: Identifying beneficiaries and authorized persons
- Enhanced customer due diligence for high-risk clients
- Daily monitoring of transactions
- Updating customer data on a regular basis
- Risk-based approach to assessing business relationships
- Identification of suspicious transactions and submission of mandatory reports to the Central Bank of Armenia
Additional Measures
In addition, ID Bank has adopted strict policies against:
- Anonymous accounts
- Fictitious names
- Bearer securities
- Virtual currencies
- Transactions or business relationships involving “red-light” businesses, nuclear energy, and marijuana
Enhanced AML/CFT Framework
ID Bank’s move is seen as a significant step towards maintaining the integrity of the Armenian financial system and upholding international standards on AML/CFT. By strengthening its policies, the bank aims to protect the interests of its clients while safeguarding against potential risks associated with money laundering and terrorism financing.
Compliance with International Standards
In an effort to further enhance its AML/CFT framework, ID Bank has completed the Wolfsberg Group Anti-Money Laundering Questionnaire, a comprehensive assessment tool designed to evaluate banks’ AML/CFT policies and procedures.