About FMC
Established in 2005, the Financial Monitoring Center (FMC) is a distinctive administrative-type financial intelligence unit that acts as an intermediary between reporting entities and law enforcement authorities. The FMC aims to achieve its anti-money laundering and counter-financial terrorism goals (AML/CFT).
Its primary function 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 initiatives to combat money laundering and terrorism financing.
The directions and targets of the AML/CFT regime are defined under the National Strategy for Combating Money Laundering and Terrorism Financing.
The authorized body of the FMC is defined under the Republic of Armenia Law on Combating Money Laundering and Terrorism Financing, while the organizational structure and functions are defined under the FMC Statute.
Statute
The FMC Statute, approved on May 8, 2009, by Board Decision No. 117A of the Central Bank of Armenia, defines the objectives, tasks, authorities, and functions of the FMC, along with its relations with the Board and other structural units of the Central Bank of Armenia. Additionally, it outlines the organizational structure and operational principles of the FMC.
Structure
The FMC is the financial intelligence unit of the Republic of Armenia which implements and enforces effective AML/CFT mechanisms. The structure of the FMC comprises five divisions: Legal Compliance, Analyses, Information Systems Design and Development, International Relations, and Strategic Analysis and Supervision.
The Legal Compliance Division is responsible for developing AML/CFT legislation based on international standards and best practices. It also regulates national bilateral and multilateral cooperation, ensuring the proper legal formulation of outcomes from analyses of suspicious transactions and business relationships.
The Analysis Division conducts operational analysis based on information related to ML/FT received from reporting entities, competent state authorities, and foreign financial intelligence units.
The Information Systems Design and Development Division oversees the maintenance and development of information systems used in the FMC. This includes entering reports received from reporting entities into the database and creating tools for analysis.
The International Relations Division is tasked with proposing the incorporation of international AML/CFT standards into the legal system of the Republic of Armenia. It also coordinates cooperation with international organizations and foreign financial intelligence units, ensuring 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, assess national risks, and performs ML/TF risk-based supervision over reporting entities that do not have a designated supervisory body in the field of AML/CFT.
