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Armenian Central Bank Refutes Reuters Exclusive
18:39, 21 August, 2012
YEREVAN, AUGUST 21, ARMENPRESS: The banks in the Republic of Armenia,
operating under the supervision of the Central Bank of Armenia, are
subject to the laws of the Republic of Armenia, the regulations of the
Central Bank of Armenia, and the banks internal rules. As Armenpress
reports citing Central Bank Public Relations Service, one of the
supervisory tiers of the Central Bank of Armenia is the provision of
the adequate implementation of financial sanctions imposed on certain
countries under relevant decisions of international organizations,
such as the UN Security Council Resolutions. The decisions and
relevant financial sanctions, imposed by the European Union and the
United States of America in relation to nuclear proliferation programs
of certain countries, are also under the attention of the Central Bank
of Armenia, in order to avoid any possible involvement in or
assistance to such programs by any bank in the Republic of Armenia.
The Central Bank of Armenia obligates all banks and financial
institutions in the Republic of Armenia to scrutinise their
transactions, in order to avoid any possible involvement in
transactions considered unacceptable by the international community.
Moreover, pursuant to the policy adopted by the Board of the Central
Bank of Armenia, individuals and companies from higher-risk countries
are neither allowed to establish a financial institution in the
Republic of Armenia nor to acquire any participation in the equity of
acting financial institutions. `Mellat Bank' CJSC has been operating
in the Republic of Armenia since 1996; its clientele is primarily
composed of small and medium enterprises involved in the foreign trade
between the Islamic Republic of Iran and the Republic of Armenia, as
well as of tourists and students. The bank's activities and assets
have dramatically decreased during the past 3-4 years; in the period
from December 31, 2010 to July 1, 2012, the banks' assets have
decreased by more than 50%, dropping from 88 million US dollars to
only 40 million US dollars. `Mellat Bank' CJSC holds no correspondent
accounts either in the European Union and the United States of America
or in the Republic of Armenia. The banks in the Republic of Armenia,
including `ACBA-Credit Agricole Bank' CJSC, hold no correspondent
accounts with banks and financial institutions in the Islamic Republic
of Iran. The banks in the Republic of Armenia are strictly bound to
customer due diligence rules, in order to avoid any direct or indirect
financing of individuals and companies related to nuclear
proliferation programs. The Central Bank of Armenia will follow its
supervision over the behaviour and transactions of all financial
institutions and their customers in the Republic of Armenia, in order
to safeguard its financial system from any destabilising effects.
From: Baghdasarian
18:39, 21 August, 2012
YEREVAN, AUGUST 21, ARMENPRESS: The banks in the Republic of Armenia,
operating under the supervision of the Central Bank of Armenia, are
subject to the laws of the Republic of Armenia, the regulations of the
Central Bank of Armenia, and the banks internal rules. As Armenpress
reports citing Central Bank Public Relations Service, one of the
supervisory tiers of the Central Bank of Armenia is the provision of
the adequate implementation of financial sanctions imposed on certain
countries under relevant decisions of international organizations,
such as the UN Security Council Resolutions. The decisions and
relevant financial sanctions, imposed by the European Union and the
United States of America in relation to nuclear proliferation programs
of certain countries, are also under the attention of the Central Bank
of Armenia, in order to avoid any possible involvement in or
assistance to such programs by any bank in the Republic of Armenia.
The Central Bank of Armenia obligates all banks and financial
institutions in the Republic of Armenia to scrutinise their
transactions, in order to avoid any possible involvement in
transactions considered unacceptable by the international community.
Moreover, pursuant to the policy adopted by the Board of the Central
Bank of Armenia, individuals and companies from higher-risk countries
are neither allowed to establish a financial institution in the
Republic of Armenia nor to acquire any participation in the equity of
acting financial institutions. `Mellat Bank' CJSC has been operating
in the Republic of Armenia since 1996; its clientele is primarily
composed of small and medium enterprises involved in the foreign trade
between the Islamic Republic of Iran and the Republic of Armenia, as
well as of tourists and students. The bank's activities and assets
have dramatically decreased during the past 3-4 years; in the period
from December 31, 2010 to July 1, 2012, the banks' assets have
decreased by more than 50%, dropping from 88 million US dollars to
only 40 million US dollars. `Mellat Bank' CJSC holds no correspondent
accounts either in the European Union and the United States of America
or in the Republic of Armenia. The banks in the Republic of Armenia,
including `ACBA-Credit Agricole Bank' CJSC, hold no correspondent
accounts with banks and financial institutions in the Islamic Republic
of Iran. The banks in the Republic of Armenia are strictly bound to
customer due diligence rules, in order to avoid any direct or indirect
financing of individuals and companies related to nuclear
proliferation programs. The Central Bank of Armenia will follow its
supervision over the behaviour and transactions of all financial
institutions and their customers in the Republic of Armenia, in order
to safeguard its financial system from any destabilising effects.
From: Baghdasarian