YEREVAN, May 5. /ARKA/. A set of amendments to the Law on Central Bank, passed today in the first reading by Armenia's parliament, provide for the creation of a single register of bank accounts.

According to deputy chairman of the Central Bank Nerses Yeritsyan, the register will contain data on open and closed accounts, their numbers, opening and closing dates, as well as other information that does not contain banking secrecy.

He said the initiative is part of general standards and rules for combating money laundering and terrorist financing.

“The register will not include data on account balances, on the movement of amounts, but they can be used in the investigation of corruption cases. The register will comprise the bank accounts of officials, all individuals and legal entities,” Yeritsyan said.

He noted that all this data is available and open now as well, provided by banks at the request of the Central Bank, but the new changes will save costs and time for these procedures.

Yeritsyan noted also that the changes are aimed at increasing the efficiency of the anti-corruption toolkit and comply with anti-corruption legislation.

In addition, according to him, the register will allow the formation of new products, development of financial technologies and various combined products for the financial system. –0--