Armenian banks tighten operations for clients linked to Russia Following EU “high-risk” listing

Armenian banks in several countries have tightened operational requirements for clients connected to Russia after the country was added to the European Commission’s “high-risk” money laundering list, RBC reports, citing lawyers and international business consultants.

According to sources, difficulties have arisen with transactions through certain banks in Armenia and Serbia.

O2 Consulting noted that account monitoring for Russian clients has also intensified in banks in Tajikistan, Kazakhstan, and Oman. The new requirements apply to both individuals and legal entities.

Sources told RBC that these changes in foreign banking policies occurred in December, coinciding with the European Commission’s decision to classify Russia as a high-risk jurisdiction for money laundering and cash-out activities.

By Khagan Isayev