Armenia

New Documents

Central Bank of Armenia Updates Iraq Sanctions List Following UNSC Changes

The Central Bank of Armenia notified financial institutions regarding changes to the sanctions list with regard to Iraq.

October 4, 2021

Armenian Financial Regulator Updates Islamic State, Al-Qaida Sanctions List

The Central Bank of Armenia issued a notice regarding updates to the sanctions list regarding the Islamic State of Iraq and the Levant and al-Qaida.

October 4, 2021

Central Bank of Armenia Updates Iraq Sanctions List

October 4, 2021

GRECO Publishes Interim Compliance Report on Armenia Efforts to Prevent Corruption

October 4, 2021

Europol, Armenia Agree to Cooperate Against Organized Crime

September 16, 2021

News

Weekly Roundup: Former US Sanctions Chief to Head Facebook Cryptocurrency, EU Pitches New AML Blacklist, and More

Irish lender de-risks cryptocurrency firm over regulatory concerns, EU advances plans for single AML supervisor, and more, in the weekly roundup.

May 8, 2020

Weekly Roundup: Indian Islamist Accused of Laundering After Violating COVID-19 Restrictions, EY Compliance Whistleblower Wins Damages, and More

Draft bill would impose AML rules on U.S. attorneys and accountants, COVID-19 pandemic exposes lenders to fraud, and more, in the weekly roundup.

April 17, 2020

Midweek Roundup: US Lawmakers Pitch New Beneficial Ownership Bill, Swedish Lender Assesses Ties to Danske Bank, and More

February 21, 2019

Weekly Roundup: SARs on Elder Abuse Fraud Reach Record High, New Leaks Website Plans Disclosures on Russian Bankers and Politicians, and More

January 25, 2019

Weekly Roundup: US Senate Endorses Lifting Sanctions Against 3 Russian Firms, Malaysia Wants $7.5 Billion from Goldman Sachs, and More

January 18, 2019

Enforcement Actions

0 Items Found

Key Documents

Armenia Revises AML/CTF Legislation

June 21, 2008

Armenia's Central Bank Updates Minimal AML/CTF Requirements

July 24, 2012

Armenian Regulator Issues Guidance on AML Risk-Based Approach

November 25, 2008

Armenian Regulator Provides Guidance to Help Identify Suspicious Transactions

September 3, 2008

Armenian Regulator Approves Rule on Cross-Border Transportation of Currency

August 8, 2005

Armenian Central Bank Approves Form for Declaration of Beneficial Owner

February 4, 2009

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 anti-money laundering efforts are hindered by the fact that legal persons are not subject to criminal penalties for money laundering. Armenia has know-your-customer requirements and suspicious transaction requirements. In addition, it maintains enhanced due diligence rules for politically exposed persons.

-Source: 2021 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 : 60/180

Score : 49/100

Tax Justice Network i

Rank : N/A

Score : N/A