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COMBATING MONEY LAUNDERING AND TERRORISM FINANCING

FINANCIAL MONITORING CENTRE

Structure


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 four divisions in the structure of the FMC – Legal Compliance Division, Analyses Division, Information Systems Design and Development Division, and International Relations Division.

Legal Compliance Division designs and develops the AML/CFT legislation upon international standards and best practices, regulates national bilateral and multilateral cooperation, and ensures the proper legal formulation of suspicious transactions’ analyses results.

Analyses Division analyzes ML/FT-related information, including suspicious transaction reports received from reporting entities, disseminates relevant information to authorized bodies if deemed necessary, provides expert assistance, employs oversight on reporting entities, and ensures proper implementation of legislation in the area.

Information Systems Design and Development Division coordinates the collection of reports from reporting entities under the AML/CFT regime, processes and stores the information into the centralized database. The Division ensures the creation and development of relevant databases and the access to a number of limited and public access databases. The Division is also responsible for the creation and development of the comparison algorithm used for analyses purposes.

International Relations Division provides for the incorporation of AML/CFT international standards into the legislation of the Republic of Armenia. The Division coordinates the cooperation of the FMC with international structures and foreign financial intelligence units, as well as ensures the implementation of resolutions and statements adopted by international structures.

 



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