YEREVAN, August 6. /ARKA/. The amended Armenian law On Combating Money Laundering and Terrorist Financing will take effect on August 8, 2025. According to the Central Bank press service, the law aims to improve compliance with the Financial Action Task Force on Money Laundering’s (FATF) requirements and clarify the responsibilities of reporting entities.
The law expands the registration responsibilities of accountable persons to include individual entrepreneurs and legal entities that provide legal services; individual entrepreneurs who are accountants; legal entities that carry out accounting activities; dealers of precious metals; and persons who provide services for the registration and management of legal entities.
These individuals and entities must register with the Financial Monitoring Center within six months of the law’s effective date. Registration of accountable persons is carried out in accordance with the procedure approved by the Central Bank of the Republic of Armenia’s Board Resolution dated October 7, 2014.
Due to legislative changes, Articles 4 and 23 now apply to all non-financial legal entities, regardless of employee count.
The law also revised the provisions regarding the internal legal acts of reporting entities. Updated documents must be submitted to the Financial Monitoring Center within two months of the law’s effective date.
Additionally, the law establishes new obligations for trust managers and individuals performing similar functions in the management of legal entities, provided that they reside in Armenia or manage property located there.
A separate by-law will establish the procedure for registering such persons with the Financial Monitoring Center within six months after the law takes effect. The law also amends provisions regarding customer due diligence, additional due diligence procedures, money transfer execution, and the refusal or termination of transactions or business relationships. It also establishes penalties for violations of the law.-0-
