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Legal Compliance to the Requirements of Combat against Money Laundering and Financing of Terrorism

Since 2006 the Republic of Armenia is a member to Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)and along with the other member countries is actively involved in evaluation processes of systems of combat against money laundering and financing of terrorism (AML/CFT). The latter provides the implementation of orders stipulated by the Financial Action Task Force (hereinafter FATF) and evaluation of systems of combat against money laundering and financing of terrorism.

 

Following the best practice in the world, the republic of Armenia modernizes the legislative database of AML/CFT. In this respect, July 21, 2014, the National Parliament of RA passed a new edition of the Law on Combat against Money Laundering and Financing of Terrorism (hereinafter Law).

 

In pursuance of the requirements of law on Combat against Money Laundering and Financing of Terrorism, the non-financial organizations will also be obligated to perform proper study of clients and risk management, to provide reports on suspicious transactions and business relationships to the Central Bank of RA, to preserve documents and information in cases stipulated by the law and in accordance with the procedure stipulated by the law. In cases stipulated by law both the financial and non-financial organizations are obligated to run corresponding local legal acts and hold events/actions in the context of the combat against money laundering and financing of terrorism.

 

In the field of legal compliance “Concern-Dialog” law firm provides the following services:

  • Legal consultancy within the requirements of current code;
  • Formation, adaptation, legal compliance check of local legal acts by reporting entities in accordance with the Law requirements;
  • Formation, adaptation, and legal compliance check of forms and AML/CFT risk assessment mechanisms for reporting entities in accordance with the Law requirements;
  • Full external audit of the reporting entities’ compliance to the requirements of Law and the current existing processes.