COMBATING MONEY LAUNDERING AND TERRORISM FINANCING
FINANCIAL MONITORING CENTRE
The FMC is the financial intelligence unit of the Republic of Armenia and has the objective to implement and enforce effective AML/CFT mechanisms. There are five divisions in the structure of the FMC – Legal Compliance Division, Analyses Division, Information Systems Design and Development Division, and International Relations Division, and Strategic Analysis and Supervision Division.
Legal Compliance Division develops the AML/CFT legislation based on international standards and best practices, regulates national bilateral and multilateral cooperation, and ensures proper legal formulation of the outcomes of analyses on suspicious transactions and business relationships.
The Analysis Division conducts operational analysis based on the information related to ML/FT received from reporting entities, competent state authorities and foreign financial intelligence units.
The Information Systems Design and Development Division ensures the maintenance and development of the information systems used in FMC, including the entry of reports received from reporting entities into the database, creation and development of tools for analysis.
The International Relations Division ensures the submission of proposals for the incorporation of international AML/CFT standards into the legal system of the Republic of Armenia, coordinates the cooperation with international organizations and foreign financial intelligence units, and ensures the implementation of resolutions adopted by international organizations.
The Strategic Analysis and Supervision Division conducts strategic analyses to identify ML/TF related trends and patterns, to assess national risks, and performs ML/TF risk-based supervison over reporting entities that do not have designated supervisory body in the field of AML/CFT.