Armenian banks have to apply tight KYC checks in respect to Russian residents due to fear of sanctions - Kerobyan

15.04.2022 14:27
Armenian banks have to apply tight KYC checks in respect to Russian residents due to fear of sanctions - Kerobyan

YEREVAN, April 15. /ARKA/. Armenian authorities are very careful not to fall under U.S. sanctions for possible attempts to help Russia bypass restrictions, Armenian Economy Minister Vahan Kerobyan said in an interview with Russian RBC.

"In fact, we are very careful not to fall under sanctions, because it is not in our interests in any way. We want to work to avoid that," the minister explained.

According to Kerobyan, European and American partners have made it clear that they do not want to use sanction instruments against Armenia.

In particular, Armenian banks carefully carry out the KYC (know your client) procedures with respect to Russian residents, Kerobyan noted.

"In terms of customer service, they are probably too bureaucratic about it. But we understand them. They don't want to feel the secondary sanctions on themselves. And that's why it takes a little longer than usual for Russian citizens and entities to open bank accounts in Armenia," the minister acknowledged.

He also confirmed that about 27 thousand Russian, non-resident accounts were opened in commercial banks in Armenia as of late March 2022. -0-


Tags: Новости Армении АМИ Новости-Армения

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