Regulatory Alerts2025-04-22 | 8415Removal of Upay CJSC Branch Offices from Recordkeeping
The Central Bank of the Republic of Armenia issued Board Resolution No. 64 A on April 22, 2025, to remove four branch offices of Upay CJSC from official recordkeeping. The decision follows a formal request submitted by the payment and settlement organization on April 9, 2025, seeking the deregistration of its Kentron 4, Shengavit 1, Qanaqer, and Jrvezh branches. This administrative action was enacted pursuant to specific articles of the laws governing the Central Bank and payment systems in Armenia.
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Removing “Kentron 4”, “Shengavit 1”, “Qanaqer”, and “Jrvezh” Branch Offices of “Upay” CJSC, a Payment and Settlement Organization, from Recordkeeping
2025-04-22
THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA
BOARD RESOLUTION
April 22, 2025 ; No.
64 A
Removing “Kentron 4”, “Shengavit 1”, “Qanaqer”, and “Jrvezh” Branch Offices of “Upay” CJSC, a Payment and Settlement Organization, from Recordkeeping
Pursuant to Article 2 (3) and Article 20 (“ki”) of the Republic of Armenia Law “On the Central Bank of the Republic of Armenia”, and Article 21 (5) (“a”) of the Republic of Armenia Law “On Payment Systems and Payment and Settlement Organizations”; Whereas on April 9, 2025 “Upay” CJSC, a payment and settlement organization, submitted a letter of request, along with required documents/deliverables, to the Central Bank of the Republic of Armenia, asking for removal of its “Kentron 4”, “Shengavit 1”, “Qanaqer”, and “Jrvezh” branch offices from the recordkeeping, the Board of the Central Bank of the Republic of Armenia
E n a c t s:
Remove the “Kentron 4”, “Shengavit 1”, “Qanaqer”, and “Jrvezh” branch offices of “Upay” CJSC, a Payment and Settlement Organization, from the recordkeeping.
This resolution to take effect upon the signature day.
Hovhannes Khachatryan
Deputy Governor,
Central Bank of the Republic of Armenia
Yerevan
.