Tweet
Armenia gave int'l community no cause to question its banking system
CBA issued a response to Reuters article, which claimed Iran expands
presence in Armenian banking system.
Central Bank of Armenia (CBA) Financial Monitoring Center has actively
cooperated with such international institutions as Council of Europe's
Committee of Experts on the Evaluation of Anti-Money Laundering
Measures and the Financing of Terrorism (MONEYVAL) and Egmont Group of
Financial Intelligence Units.
August 25, 2012
PanARMENIAN.Net - As head of the center Daniel Azatyan noted, Armenia
had never been included in Council of Europe's list of countries
engaged in money laundering, in contrast to Azerbaijan and Ukraine.
Moreover, Armenia's banking system has always boasted financial
stability, quite strict regulations and good relations with foreign
partners.
The Central Bank of Armenia (CBA) earlier issued a response to Reuters
article, which claimed Iran expands presence in Armenian banking
system, amid international sanctions.
Particularly the activities of Mellat Bank CJSC and ACBA-CREDIT
AGRICOLE BANK were questioned.
`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
report reads.
Moreover, conduction of any financial transactions with Iranian
officials included in UN Security Council's sanctions list is
technically impossible, with the names and lists automated in relevant
programs of all the banks.
Given U.S. and European countries calls upon their banks against
cooperating with Iranian financial institutions, Armenian banks were
forced to halt cooperation with Mellat Bank to maintain ties with
foreign partners.
Meanwhile, Armenia boasts good financial relations with Iran, with
trade cooperation between the two countries requiring cross-border
banking operations.
According to Iran's leader Mahmoud Ahmadinejad, Armenian-Iranian
annual trade turnover totals about USD 1 bln. Currently Mellat Bank
cooperates with Tehran-based parent bank, servicing trade agreements
between the two states. Maybe ensuring of Egmont Group's operation by
Armenia and Ukraine stirred up Reuters' doubts?
It's noteworthy that CBA sees no reasons for closure of Iranian Mellat
Bank's Armenian subsidiary.
As to ACBA-CREDIT AGRICOLE BANK's activity, CBA leadership noted that
Armenian commercial banks conducted no international transactions with
foreign banks for the past 4-5 years.
ACBA-CREDIT AGRICOLE BANK holds no correspondent accounts with banks
and financial institutions in the Islamic Republic of Iran neither in
Mellat Bank, nor in any other Iranian bank.
Victoria Araratyan / PanARMENIAN News
From: Baghdasarian
CBA issued a response to Reuters article, which claimed Iran expands
presence in Armenian banking system.
Central Bank of Armenia (CBA) Financial Monitoring Center has actively
cooperated with such international institutions as Council of Europe's
Committee of Experts on the Evaluation of Anti-Money Laundering
Measures and the Financing of Terrorism (MONEYVAL) and Egmont Group of
Financial Intelligence Units.
August 25, 2012
PanARMENIAN.Net - As head of the center Daniel Azatyan noted, Armenia
had never been included in Council of Europe's list of countries
engaged in money laundering, in contrast to Azerbaijan and Ukraine.
Moreover, Armenia's banking system has always boasted financial
stability, quite strict regulations and good relations with foreign
partners.
The Central Bank of Armenia (CBA) earlier issued a response to Reuters
article, which claimed Iran expands presence in Armenian banking
system, amid international sanctions.
Particularly the activities of Mellat Bank CJSC and ACBA-CREDIT
AGRICOLE BANK were questioned.
`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
report reads.
Moreover, conduction of any financial transactions with Iranian
officials included in UN Security Council's sanctions list is
technically impossible, with the names and lists automated in relevant
programs of all the banks.
Given U.S. and European countries calls upon their banks against
cooperating with Iranian financial institutions, Armenian banks were
forced to halt cooperation with Mellat Bank to maintain ties with
foreign partners.
Meanwhile, Armenia boasts good financial relations with Iran, with
trade cooperation between the two countries requiring cross-border
banking operations.
According to Iran's leader Mahmoud Ahmadinejad, Armenian-Iranian
annual trade turnover totals about USD 1 bln. Currently Mellat Bank
cooperates with Tehran-based parent bank, servicing trade agreements
between the two states. Maybe ensuring of Egmont Group's operation by
Armenia and Ukraine stirred up Reuters' doubts?
It's noteworthy that CBA sees no reasons for closure of Iranian Mellat
Bank's Armenian subsidiary.
As to ACBA-CREDIT AGRICOLE BANK's activity, CBA leadership noted that
Armenian commercial banks conducted no international transactions with
foreign banks for the past 4-5 years.
ACBA-CREDIT AGRICOLE BANK holds no correspondent accounts with banks
and financial institutions in the Islamic Republic of Iran neither in
Mellat Bank, nor in any other Iranian bank.
Victoria Araratyan / PanARMENIAN News
From: Baghdasarian