Armenia

New Documents

The Central Bank of Armenia announced updates to sanctions list with respect to individuals and entities associated with Iraq.

The Central Bank of Armenia issued a press release highlighting the Financial Monitoring Centre’s organization of an online training program for internal compliance monitoring employees of banks on money laundering and related topics.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Armenia as a major money laundering jurisdiction. It is located on a trade route between narcotics source countries and European and Russian markets. Corruption, smuggling, the real estate sector, significant inflows of remittances from other countries, the shadow economy and the widespread use of cash are major money laundering vulnerabilities.  Some money laundering investigations have been hindered by bank secrecy laws that require investigators to indict a suspect before obtaining banking records. Armenia has know-your-customer requirements and suspicious transaction requirements. In addition, it maintains enhanced due diligence rules for politically exposed persons.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 19 High : 0
Largely Compliant : 18 Substantial : 6
Partially Compliant : 3 Moderate : 3
Non-Compliant : 0 Low : 2

Armenia's technical compliance was re-rated in a follow-up report on Sept. 7, 2018.

BASEL i

Rank : 79/141
Score : 5/10

TRANSPARENCY INTERNATIONAL i

Rank : 77/180
Score : 42/100

Tax Justice Network i

Rank : N/A
Score : N/A