Armenia

New Documents

Central Bank of Armenia Amends Islamic State, Al-Qaida Sanctions List

The Central Bank of Armenia issued a notice concerning amendments to the sanctions list with respect to the Islamic State of Iraq and the Levant and al-Qaida.

October 1, 2020

Central Bank of Armenia Amends CAR Sanctions List

The Central Bank Armenia issued a notice regarding approved amendments to the list of persons subject to Central African Republic sanctions.

August 31, 2020

Central Bank of Armenia Amends Entries on DRC Sanctions List

August 31, 2020

Armenia Amends Al-Qaida, Islamic State Sanctions List

August 11, 2020

Central Bank of Armenia Holds Webinars on Customer Due Diligence, Suspicious Transaction Monitoring

August 5, 2020

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 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