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CBA rules out transactions between Armenian banks and UN-sanctioned Iranians
August 22, 2012 - 13:44 AMT
PanARMENIAN.Net - Conduction of any financial transactions with
Iranian officials included in UN Security Council's sanctions list is
technically impossible, head of Central Bank of Armenia (CBA)
Financial Monitoring Center said.
`The names and lists are automated in relevant programs of all the
banks. Thus, technically, the program won't allow for any matches with
these names,' Daniel Azatyan said.
The Central Bank of Armenia earlier issued a response to Reuters
article, claiming Iran expands presence in Armenian banking system, in
answer to international sanctions.
`The banks in the Republic of Armenia, operating under the supervision
of the Central Bank of Armenia (CBA), are subject to RA laws, CBA
regulations and internal rules. One of CBA's supervisory tiers 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,' CBA's
report reads.
`CBA is responsible for checking the matches of the names and lists
specified. For this purpose, the bank submits necessary queries. No
transaction has been conducted so far with officials whose names
match,' he said, adding that U.S. and European countries urge their
banks against cooperating with Iranian financial institutions.
`The bank shareholders themselves urge employees to be extremely
careful,' he said.
`Given the fact that Armenian banking system's assets are rather small
as compared with the international standards, any problem will
seriously affect the image of the bank, the whole banking system and
the country itself,' Mr. Azatyan said, adding that Armenia boasts good
financial cooperation with Iran.
The Financial Monitoring Center (FMC) was established in 2005 as a
separate unit in the structure of the Central Bank of Armenia. The FMC
is an administrative-type financial intelligence unit, which acts as
an intermediary between reporting entities and law enforcement
authorities. The mission of the FMC is to combat money laundering and
terrorism financing (AML/CFT).
The main function of the FMC is to collect, analyze and exchange
information for AML/CFT purposes. In addition, the FMC represents the
Republic of Armenia in several international organizations and
structures, while actively participating in international AML/CFT
initiatives.
August 22, 2012 - 13:44 AMT
PanARMENIAN.Net - Conduction of any financial transactions with
Iranian officials included in UN Security Council's sanctions list is
technically impossible, head of Central Bank of Armenia (CBA)
Financial Monitoring Center said.
`The names and lists are automated in relevant programs of all the
banks. Thus, technically, the program won't allow for any matches with
these names,' Daniel Azatyan said.
The Central Bank of Armenia earlier issued a response to Reuters
article, claiming Iran expands presence in Armenian banking system, in
answer to international sanctions.
`The banks in the Republic of Armenia, operating under the supervision
of the Central Bank of Armenia (CBA), are subject to RA laws, CBA
regulations and internal rules. One of CBA's supervisory tiers 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,' CBA's
report reads.
`CBA is responsible for checking the matches of the names and lists
specified. For this purpose, the bank submits necessary queries. No
transaction has been conducted so far with officials whose names
match,' he said, adding that U.S. and European countries urge their
banks against cooperating with Iranian financial institutions.
`The bank shareholders themselves urge employees to be extremely
careful,' he said.
`Given the fact that Armenian banking system's assets are rather small
as compared with the international standards, any problem will
seriously affect the image of the bank, the whole banking system and
the country itself,' Mr. Azatyan said, adding that Armenia boasts good
financial cooperation with Iran.
The Financial Monitoring Center (FMC) was established in 2005 as a
separate unit in the structure of the Central Bank of Armenia. The FMC
is an administrative-type financial intelligence unit, which acts as
an intermediary between reporting entities and law enforcement
authorities. The mission of the FMC is to combat money laundering and
terrorism financing (AML/CFT).
The main function of the FMC is to collect, analyze and exchange
information for AML/CFT purposes. In addition, the FMC represents the
Republic of Armenia in several international organizations and
structures, while actively participating in international AML/CFT
initiatives.