Annual Report 2019
64
CENTRAL BANK OF ARMENIA
financial transactions with involvement of former political
influencers,
transit flow of funds through the Armenian banking
system,
other cases with similarities to the schemes described in the
typologies published by the Central Bank.
Preventive measures
Preventive measures involve providing instructions
(notifications) to the reporting entities for suppressing the
ML/TF risks identified as a result of strategic and operational
analyses, placing on the FMC website public notices of change
in international listings for immediate use of targeted financial
sanctions, training for reporting entities and so on.
The instructions (notifications) cascaded to reporting entities
during 2019 were mainly intended to taking preventive measures in
connection with possible involvement of persons in fraudulent
schemes.
Moreover, the reporting entities were provided with feedback
with the aim to inform them on the progress and results of the
analyses.
It is worth mentioning that, in the period under review, carrying
out high-risk involving transactions by participants of the banking
system has been rejected or their business relationships with the
customer terminated, in a number of cases.
In order to effectively mitigate TF risks on the back of an
increasing international threat of terrorism, continuous efforts were
invested in the reporting period to implement the restrictive measures
imposed by international organizations and to report to the parties
concerned. In particular, the following information was published on
the FMC website and notified to reporting entities:
Updates in the lists published by or in accordance with the
UN Security Council resolutions that stipulate for the
freezing of assets of persons under, inter alia, UNSCR
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