Amendment to CB of Armenia Resolutions 50-N and 377-N Regarding Money Transfer Reporting

1. In Point 2 of the Procedure, the words “and ‘Note on Financial Position’” shall be replaced with the words “, ‘Note on Financial Position’ and ‘Note on Money Transfers’”.

2. The Procedure shall be supplemented with a new Section 5 with the following content after Section 4:

“SECTION 5. NOTE ON MONEY TRANSFERS

176. The ‘Note on Money Transfers’ report shall present information on international and domestic transfers or receipts initiated by a customer of the reporting bank, including customers that are financial organizations, via cash or non-cash methods. For the purposes of this report, a ‘customer’ shall mean any natural person, legal entity, or individual entrepreneur who has engaged the reporting bank.

177. For the purposes of this report, international transfers or receipts shall include information on transfers sent abroad or received from abroad through the reporting bank during the reporting month, including transfers made via Armenian and foreign fast-transfer systems without account opening. For the purposes of this report, a fast-transfer system without account opening shall be considered a system ensuring the execution of a transfer or receipt initiated with cash or non-cash funds (via a bank account or an electronic money account). However, international transfers shall exclude the reporting bank’s own transfers (not initiated by a customer), as well as transfers where the reporting bank acts as a settlement agent or an intermediary. For the purposes of this report, the reporting bank is considered a settlement agent when it performs the function of a settlement agent for the execution of transfers or receipts by participants of an Armenian or foreign fast-transfer system without account opening. For the purposes of this report, the reporting bank is an intermediary when it has received funds from abroad or transferred funds abroad, the initiator or recipient of which was a customer of another bank or of a payment and settlement organization that is a customer of the reporting bank.

178. For the purposes of this report, domestic transfers shall consist of information on transfers initiated and received within the Republic of Armenia through the reporting bank during the reporting month via fast-transfer systems without account opening. Such information shall be completed by the bank servicing the customer who initiates the transfer. However, domestic transfers shall exclude transfers made through the Central Bank of the Republic of Armenia’s Electronic Payment System, as well as interbank and intrabank transfers.

179. International transfers or receipts not exceeding USD 50,000 shall be completed by the reporting bank in summary form, in accordance with Point 181 of this Note, with the exception of columns 14 to 16, 18, and 22, for which the entry ‘not applicable’ shall be selected.

180. International transfers or receipts exceeding USD 50,000 shall be completed by the reporting bank on a transaction-by-transaction basis in accordance with Point 181 of this Note, provided that the international transfer was executed via the bank’s correspondent accounts or the bank’s foreign branches. In the case of domestic

transfers and international transfers or receipts executed via fast-transfer systems without account opening, these shall be completed in summary form in accordance with Point 181 of this Note, with the exception of columns 14 to 16, 18, and 22, for which the entry ‘not applicable’ shall be selected.

181. Within the framework of this Note, information on international and domestic transfers shall be completed according to the following columns:

1. "Nature of transfer or receipt",
2. "Legal status of the remitter or recipient",
3. "Transaction type",
4. "Method of transfer or receipt",
5. "Means or system of transfer or receipt",
6. "Means of communication used for the execution of the transfer or receipt",
7. "Region of transfer",
8. "Region of receipt",
9. "Country code of transfer or receipt",
10. "Amount of transfer or receipt",
11. "Currency code of transfer or receipt",
12. "Amount of transfer or receipt expressed in USD (thousand dollars)",
13. "Classifier of the transfer or receipt amount (USD equivalent)",
14. "Name of the remitting or receiving legal entity",
15. "TIN of the remitting or receiving legal entity",
16. "Sectoral classification of the remitter or recipient",
17. "Country of residence of the remitter or recipient",
18. "Name of the legal entity acting as a party to the transfer or receipt transaction",
19. "Country of residence of the party to the transfer or receipt transaction",
20. "Legal status of the party to the transfer or receipt transaction",
21. "Classification of the purpose of transfer or receipt",
22. "Purpose code of transfer or receipt",
23. "Quantity of transfers or receipts",
24. "Commission fee paid for the transfer or receipt".

182. The "Nature of transfer or receipt" column shall be completed as:

1. "international", if the transfer or receipt was made from abroad or to abroad;
2. "domestic", if both the transfer and the receipt were made from or within Armenia.

183. The "Legal status of the remitter or recipient" column shall be completed with the status of the remitter or recipient, according to the options of the "Legal status of the partner" column as defined by Point 25 of this Procedure.”

184. The "Transaction type" column shall be completed as:

185. "sent", if the reporting bank has received and executed a money transfer instruction directed from the Republic of Armenia to abroad or within the Republic of Armenia;

186. "received", if the reporting bank has received and executed a money transfer instruction directed from abroad to the Republic of Armenia.

187. The "Method of transfer or receipt" column shall be completed as:

1. "via bank account", if the transfer was initiated from the funds (bank account) of the reporting bank’s customer or the remitter, or if the transfer was received or credited to the bank account of the reporting bank’s customer or the recipient;
2. "via electronic money account", if the transfer was initiated from the funds of the reporting bank’s customer or the remitter, from an electronic money account issued by the reporting bank, or if the transfer was received or credited to the electronic money account of the reporting bank’s customer or the recipient issued by the reporting bank;
3. "via cash", if the transfer was initiated with cash provided by the reporting bank’s customer or the remitter, or if the transfer was received or paid to the recipient in cash.”

186. The "Means or system of transfer or receipt" column shall be completed by:

1. indicating the name of the foreign or Armenian fast-transfer system without account opening through which the transfer amount was sent or received. Moreover, if the receipt or sending of funds from abroad is executed through an Armenian system within the framework of cooperation with a foreign system, then the name of the foreign system with which the Armenian system cooperates shall be indicated;
2. indicating the "via the bank’s correspondent accounts" option, if the reporting bank does not use any fast-transfer system without account opening to execute the international transfer or receipt, and the transfer or receipt is executed through the reporting bank’s correspondent accounts;
3. indicating the "via the bank’s foreign branches" option, if the reporting bank has branch(es) operating abroad and the transfer to Armenia is executed through the accounts of the reporting bank’s foreign branches, or the receipt abroad is executed through the accounts of the reporting bank’s foreign branches.

187. The "Means of communication used for the execution of the transfer or receipt" column shall be completed with the channel used for executing the transfer corresponding to the option indicated in the "Means or system of transfer or receipt" column, by selecting one of the options defined in sub-points 1 to 5 of this point:

1. "SWIFT",
2. "Internet environment",
3. "SPFS",
4. "Fax",
5. "Dedicated channel".

188. The "Region of transfer" column shall be completed with the location where the transfer was initiated from the Republic of Armenia, according to the options defined in sub-points 1 to 12 of this point. In cases where the transfer was initiated via a non-cash method, the region where the head office of the reporting bank is located shall be indicated:

189. "Yerevan",

190. "Aragatsotn",

191. "Ararat",

192. "Armavir",

193. "Gegharkunik",

194. "Kotayk",

195. "Lori",

196. "Shirak",

197. "Syunik",

198. "Tavush",

199. "Vayots Dzor",

200. "not applicable", if the transfer is initiated abroad.

201. The "Region of receipt" column shall be completed with the location where the transfer was received in the Republic of Armenia, according to the options defined in sub-points 1 to 13 of this point. In cases where the transfer was received via a non-cash method, the region where the head office of the receiving bank is located shall be indicated:

1. "Yerevan",
2. "Aragatsotn",
3. "Ararat",
4. "Armavir",
5. "Gegharkunik",
6. "Kotayk",
7. "Lori",
8. "Shirak",
9. "Syunik",
10. "Tavush",
11. "Vayots Dzor",
12. "not applicable", if the receipt of the transfer is executed abroad,
13. "addressless transfer", when the location for receiving a domestic transfer has not been specified by the payer for a domestic transfer.

190. The "Country code of transfer or receipt" column shall be completed with the code of the country (according to the ISO 3166-1 alpha-3 international standard) from which the transfer or receipt to the Republic of Armenia was made, or the code of the country where the payment of the transferred amount is to be made to the recipient.

191. The "Amount of transfer or receipt" column shall be completed with the amount received for the execution or payment of the transfer.

192. The "Currency code of transfer or receipt" column shall be completed with the currency code, in accordance with the ISO 4217 standard, of the amount received for the execution or payment of the transfer.

193. The "Amount of transfer or receipt expressed in USD" column shall be completed with the transferred or received amount expressed in USD. Moreover, if the currency of the transfer or receipt is other than USD, the amount of the transfer or receipt shall be expressed in USD, calculated as of the date of the transaction at the exchange rate published by the Central or National Bank that issues the given currency.

194. The "Classifier of the transfer or receipt amount (USD equivalent)" column shall be completed with the classification description of the amounts grouped in the same row, based on the size of each individual transferred or received transaction, according to the following options:

1. "up to 100",
2. "from 101 up to 250",
3. "from 251 up to 500",
4. "from 501 up to 1,000",
5. "from 1,001 up to 2,500",
6. "from 2,501 up to 5,000",
7. "from 5,001 up to 10,000",
8. "from 10,001 up to 25,000",
9. "from 25,001 up to 50,000",
10. "from 50,001 up to 100,000",
11. "from 100,001 up to 250,000",
12. "from 250,001 up to 500,000",
13. "from 500,001 up to 1,000,000",
14. "from 1,000,001 up to 2,500,000",
15. "from 2,500,001 up to 5,000,000",
16. "more than 5,000,001".

195. The "Name of the remitting or receiving legal entity" column shall be completed with:

1. the name of the legal entity initiating the transfer or receiving the funds within the territory of the Republic of Armenia;
2. the "not applicable" option, if the "natural person" or "individual entrepreneur" option is completed in the "Legal status of the remitter or recipient" column, the amount of the transfer or receipt does not exceed USD 50,000, the name of a fast-transfer system without account opening is completed in the "Means or system of transfer or receipt" column, or the "domestic" option is completed in the "Nature of transfer or receipt" column.

196. The “TIN of the remitting or receiving legal entity” column shall be completed with:

1. the TIN of the legal entity initiating the transfer or receiving the funds within the territory of the Republic of Armenia;
2. the "not applicable" option, if the legal entity initiating the transfer or receiving the funds within the territory of the Republic of Armenia is a non-resident, the "natural person" or "individual entrepreneur" option is completed in the "Legal status of the remitter or recipient" column, the amount of the transfer or receipt does not exceed USD 50,000, the name of a fast-transfer system without account opening is completed in the "Means or system of transfer or receipt" column, or the "domestic" option is completed in the "Nature of transfer or receipt" column.”

197. The "Sectoral classification of the remitter or recipient" column shall be completed with the sectoral classification of the person initiating the transfer or receiving the funds within the territory of the Republic of Armenia, using the corresponding option from the "Sectoral classification of the partner" column as defined by Point 23 of the Procedure, except for cases where: the amount of the transfer or receipt does not exceed USD 50,000; the name of a fast-transfer system without account opening is completed in the "Means or system of transfer or receipt" column; or the "domestic" option is completed in the "Nature of transfer or receipt" column; in which cases the "not applicable" option shall be completed.

198. The "Country of residence of the remitter or recipient" column shall be completed with the country of residence of the person initiating the transfer or receiving the funds within the territory of the Republic of Armenia, according to the options of the "Country of the partner" column as defined by Point 24 of the Procedure.

199. The "Name of the legal entity acting as a party to the transfer or receipt transaction" column shall be completed with:

1. the name of the legal entity acting as the counterparty to the transfer or receipt transaction, which initiated the transfer from abroad (remitter) or received the transfer abroad;
2. the "not applicable" option, if the "natural person" or "individual entrepreneur" option is completed in the "Legal status of the party to the transfer or receipt transaction" column, the amount of the transfer or receipt does not exceed USD 50,000, the name of a fast-transfer system without account opening is completed in the "Means or system of transfer or receipt" column, or the "domestic" option is completed in the "Nature of transfer or receipt" column.

200. The “Country of residence of the party to the transfer or receipt transaction” column shall be completed with the country code of the residence of the counterparty to the transfer or receipt transaction, according to the options of the “Country of the partner” column as defined by Point 24 of the Procedure.

201. The "Legal status of the party to the transfer or receipt transaction" column shall be completed with the legal status of the counterparty to the transfer or receipt transaction—the one who initiated (remitted) the transfer from abroad or received the transfer abroad—according to the options of the "Legal status of the partner" column as defined by Point 25 of the Procedure.

202. The "Classification of the purpose of transfer or receipt" column shall be completed as:

1. "transfer between own accounts", when the customer has executed a transfer from their bank account held at the given bank to their bank account held at a foreign bank, or has transferred funds from their bank account held at a foreign bank to their bank account held at the reporting bank;
2. "commercial nature transfer", when: a. a natural person executes transfers for the purpose of acquiring or selling real estate, as well as for performing construction works, including through the provision of gratuitous financial assistance or donations provided for such purposes; b. the purpose of the

amount transferred or received by the customer is not classified as "non-commercial nature" according to sub-point 3 of Point 202 of the Procedure; c. a natural person has received the amount of the transfer or receipt from, or transferred it to, a legal entity, provided there is no additional information indicating that the purpose of the transferred or received amount is classified as a "non-commercial nature transfer" according to sub-point 3 of Point 202 of this report; 3) "non-commercial nature transfer", when: a. gratuitous financial means have been received from abroad or transferred abroad in the name of a natural person for the purpose of satisfying the current needs of the natural person; specifically, the transfer or receipt of current financial assistance, donations, benefits, pensions, and other similar means; b. wages for the work of a natural person have been received from abroad or transferred abroad in the name of a natural person; specifically, when the natural person has worked in an organization located abroad and has received the wages while being in their country of residence; c. wages for the work of a natural person have been received from abroad or transferred abroad in the name of a natural person; specifically, when the natural person works in an organization located in the Republic of Armenia where the payment of wages is made via transfer from abroad; d. a legal entity has transferred or received the transfer amount for the purpose of transferring or receiving a grant, donation, or other gratuitous means, as specified in the transfer or receipt instruction.

203. The "Purpose code of transfer or receipt" column shall be completed with:

1. the purpose code of the transfer initiated from the Republic of Armenia or the receipt received in the Republic of Armenia, by selecting the corresponding code from the list defined in Annex 10;
2. the "not applicable" option, if the amount of the transfer or receipt does not exceed USD 20,000, or the name of a fast-transfer system without account opening is completed in the "Means or system of transfer or receipt" column, or the "domestic" option is completed in the "Nature of transfer or receipt" column.

204. The "Quantity of transfers or receipts" column shall be completed with the number of transfers or receipts summarized in the given row.

205. The "Commission fee paid for the transfer or receipt" column shall be completed with the amount of the commission fee paid by the customer to the reporting bank for the transfer or receipt, expressed in AMD.”

Appendix 10 of Resolution No. 377-N of the Board of the Central Bank of the Republic of Armenia dated 30 December 2014

Purpose Codes for Money Transfers

Group Code	Code	Categories	Explanation
1000		Goods
	1001	Export or import of goods	Transfer or receipt based on the export or import of goods with a change of ownership.
2000		Services
	2010	Payments for manufacturing services on physical inputs owned by others	Payments between residents and non-residents for the processing of goods imported or exported for processing purposes.
	2020	Maintenance and repair services	Includes funds received or paid for the repair of mobile equipment (e.g., ships, aircraft, and other transport vehicles).
2010		Travel
	2031	Sea transport, freight	Transfer or receipt related to payment for sea freight transport services.
	2032	Air transport, passenger	Transfer or receipt related to payment for air passenger transport services.
	2033	Air transport, freight	Transfer or receipt related to payment for air freight transport services.
	2034	Rail transport, passenger	Transfer or receipt related to payment for rail passenger transport services.
	2035	Rail transport, freight	Transfer or receipt related to payment for rail freight transport services.
	2036	Other mode of transport, passenger	Transfer or receipt related to payment for passenger road or other land transport services.
	2037	Other mode of transport, freight	Transfer or receipt related to payment for freight road or other land transport services.
	2038	Other supporting and auxiliary transport services	Includes payments for services provided at airports, ports, and other terminals, especially cargo handling, storage and warehousing, packaging, pilotage, operation and cleaning of transport equipment, and salvage operations.
2040		Travel

	2041	Hotel reservation fees	Transfer or receipt related to payments for accommodation services in hotels, guest houses, or apartments.
	2042	Health-related travel	Transfer or receipt related to the acquisition of medicines and payments for medical services.
	2043	Education-related travel	Transfer or receipt related to payments for education services, including tuition, dormitory, and other educational services.
	2044	Other travel expenses	Transfer or receipt including the acquisition of tour packages and other travel-related payments (excursions, museum entrance fees, etc.).
2050		Construction
	2051	Construction abroad	Receipt related to payments for the construction, upgrading, or repair of fixed assets and engineering structures (roads, bridges). Includes payments for works performed abroad by RA residents for projects lasting up to 1 year.
	2052	Construction in the reporting economy	Transfer related to payments for the construction, upgrading, or repair of fixed assets and engineering structures (roads, bridges). Includes payments for works performed in the RA by non-residents for projects lasting up to 1 year.
2060		Insurance and pension services
	2061	Insurance premiums	Includes payments for life insurance, non-life insurance, reinsurance, freight insurance, and payments for other types of insurance services.
	2062	Insurance claims	Includes claims received or transferred within the framework of insurance services.
	2063	Pensions paid or received	Includes pensions and benefits paid to non-residents and received by residents.
2070		Telecommunications, computer, and information services, postal and courier services
	2071	Postal and courier services	Postal and courier services include post office services such as the sale of stamps and money orders, payments for provided postal and telegraph services, etc. Exceptions include financial services provided by post offices, such

			as services related to banking and savings accounts (which are recorded under financial services), mail preparation services (recorded under other business services), and management services related to postal communication systems (included in telecommunications services).
	2072	Telecommunications services	Telecommunications services include transfers or receipts executed for the broadcast of sound, images, data, or other information via telephone, telegraph, radio, or television. It also includes payments for the maintenance of the telecommunications network.
	2073	Computer services	Computer services include payments for the maintenance and repair of computer hardware, custom software development, consultancy provided in the computer sector, as well as license fees for the use of non-customized software packages and payments for other similar services.
	2074	Information services	Information services include payments for news agency services, such as the provision of news, photographs, and articles for the mass media, as well as services for the creation, dissemination, and storage of databases. This also includes direct individual subscriptions to newspapers and magazines delivered via mail or other means.
	2075	Financial services	Financial services include fees for financial intermediation and other financial services, specifically those fees related to securities, asset management, financial market regulation, and other operations (excluding payments for the services of insurance companies and pension funds).
	2076	Charges for the use of intellectual property	Charges for the use of intellectual property include payments for the use of proprietary rights, among which are patents, trademarks, copyrights, trade secrets, and other similar payments.

2080	2080	Financial services	Financial services include fees for financial intermediation and other financial services, specifically those fees related to securities, asset management, financial market regulation, and other operations (excluding payments for the services of insurance companies and pension funds).
2090	2090	Charges for the use of intellectual property	Charges for the use of intellectual property include payments for the use of intellectual property, among which are patents, trademarks, copyrights, trade secrets, and other similar payments.
2100		Professional and management consulting services
	2101	Legal, accounting, auditing, bookkeeping, and tax consultancy services	Includes payments for legal, accounting, auditing, bookkeeping, and tax consultancy services.
	2102	Business and management consulting and public relations services	Includes payments for management, management consulting, and public relations services.
	2103	Advertising, market research, and public opinion polling	Includes payments for advertising, market research, and public opinion polling services.
2110		Technical, trade-related, and other business services
	2111	Architectural, engineering, scientific, and other technical services; agricultural, mining, and on-site processing services; trade-related services; other business services	Includes payments for architectural, engineering and other technical services, agricultural, mining and on-site product processing services, trade-related services (trade-related services cover commissions on goods and services transactions payable to merchants, commodity brokers, dealers, auctioneers and commission agents) and other business services (security and investigation, translation and interpretation, photography, building cleaning, etc.).
	2112	Operating leasing services	Includes lease payments for ships, aircraft, and transport equipment, railway wagons, and containers without crew.
2120	2120	Personal, cultural, and recreational services	Includes payments for audiovisual and related services, among which are audiovisual and related services, production fees for motion pictures (films, videotapes, on disk or

			transmitted electronically, etc.), radio and television programs (live or recorded), access fees for cable and satellite services, and fees for actors, directors, and producers associated with theatrical and musical productions, sporting events, circuses, and other similar events. This also includes fees related to museums, other cultural, sporting, gambling, and recreational activities, except for those included in travel. It also includes prizes for athletes.
2230	2230	Government goods and services	Includes payments for goods and services supplied or received in connection with embassies, military bases, and international organizations. Also includes payments for goods or services acquired by diplomats, consular staff, military personnel, and their families while abroad, as well as payments for services provided by governments or to other governments that are not included in other categories.
2900	2900	Payments for services not included elsewhere	Payments for services not included in the previous listings.
3000		Income
	3010	Compensation of employees	Wages received or transferred, which includes the compensation of border, seasonal, and other short-term workers who are non-residents in the reporting country, as well as the compensation of resident workers whose employer is a non-resident.
3020		Investment income
	3021	Dividend income	Dividends received or paid for equity participation.
	3022	Receipt or payment of interest (coupons) on debt securities	Receipt or transfer of interest payments or coupons for debt securities.
	3023	Interest received or paid for loans or borrowings	Receipt or transfer of interest payments for a provided or received loan or borrowing.
	3024	Interest received or paid for deposits	Receipt or payment of interest amounts for a placed deposit.

3030	3030	Other primary income (taxes on production and imports)	Includes payments of taxes on production and imports, subsidies received or paid, and rent for the use of land or other natural resources.
4000		Current transfers or financial assistance
	4010	General government current transfers	Taxes on income, wealth, and other taxes directed to the general government system, including fines, penalties, membership fees, and other various current transfers.
	4020	Financial corporations, non-financial corporations, households, and non-profit institutions serving households (NPISHs)	Donations, inheritance, and humanitarian aid received by individuals and non-profit institutions serving households (NPISHs) in Armenia or provided to individuals and NPISHs abroad; alimony and other child support payments; pensions, scholarships, and other payments provided within social security frameworks by government bodies and NPISHs. Periodic transfers (including membership fees) to charitable, religious, scientific, and cultural organizations. Customs duties and fines paid by Armenian NPISHs to non-residents or by non-residents to Armenian NPISHs.
5000		Capital transfers
	5010	General government capital transfers	Gratuitous funds, donations, and grants received (provided) by the public sector for the purpose of acquiring fixed assets or carrying out construction works.
	5020	Financial corporations, non-financial corporations, households, and NPISHs	Gratuitous funds received (provided) by households or NPISHs for the purpose of acquiring fixed assets or carrying out construction works.

	5030	Payments for non-produced, non-financial assets	Includes payments for natural resources (permits for the right to use natural resources), licenses, lease agreements, marketing assets, and goodwill (brand names, trademarks, logos, etc.).
	5040	Payments for cryptocurrencies	Payments for the acquisition or sale of cryptocurrency
6000		Investments
	6010	Acquisition of more than 10% equity participation in the charter capital or establishment of an enterprise with more than 10% equity participation	Receipt or transfer of funds for the purpose of acquiring 10% or more equity participation in the charter capital of an enterprise or for the establishment of a new enterprise.
	6020	Acquisition of up to 10% equity participation in the charter capital or establishment of an enterprise with up to 10% equity participation	Receipt or transfer of funds for the purpose of acquiring up to 10% equity participation in the charter capital of an enterprise or for the establishment of a new enterprise.
	6030	Purchase or sale of debt securities (bonds, promissory notes, etc.)	Funds received or transferred related to the purchase, sale, or redemption of debt securities.
	6040	Transactions with other securities (e.g., derivative instruments)	Transactions in securities (derivative instruments, checks, etc.), other than debt securities.
6100		Other Investments
	6110	Provision of loans or borrowings	Transfer or receipt of funds for the purpose of providing a loan or borrowing.
	6120	Repayment of loans or borrowings	Receipt or transfer of funds for the purpose of repaying a provided or received loan or borrowing.
	6130	Withdrawal of deposits	Withdrawal of a deposit placed in a commercial bank by a resident or a non-resident.
6200		Purchase or sale of real estate
	6210	Receipt or transfer of funds for the purpose of	Receipt or transfer of funds where the objective is the acquisition of real estate for the person receiving the funds.

		acquiring real estate for the recipient
	6220	Receipt or transfer of funds for the purpose of acquiring real estate for the remitter	Receipt or transfer of funds where the objective is the acquisition of real estate for the person remitting the funds (either directly from the seller or through an intermediary).
	6230	Receipt or transfer of funds from the sale of real estate	Transfer or receipt of funds generated from the sale of one’s own real estate.
6300		Special Codes
	6310	Refund of funds	When a refund occurs after a transaction due to various reasons by the bank of the counterparty.
6400		Other Codes
	6410	Transfer between own accounts	Includes transfers from a customer’s own account to another personal foreign account.

Appendix 11 of Resolution No. 377-N of the Board of the Central Bank of the Republic of Armenia dated 30 December 2014

HARD VALIDATIONS

For the purpose of verifying the accuracy and consistency of the information reflected in the "Note on Money Transfers" reports of the Procedure, certain hard validations are presented below:

	If	"F24_Trans_Purpose" = "Own"	If the transfer is made via the bank’s own funds, it can only be executed via the bank’s correspondent accounts.
	Then	"F24_Transfer_Method" = "CorrAcc"
	If	"F24_Trans_Purpose" = "Own"	If the transaction is between the own accounts of a legal entity, the legal status of the remitter/recipient must be the same.
		"F24_Legal_Status" = "Leg"
	Then	"F24_Legal_Status" = "F24_Othside_LegStatus"
	If	"F24_Trans_Count" <> 0	The "Quantity of transfers or receipts" field cannot contain 0.
	If	"F24_Legal_Status" = "Leg"	The TIN of a legal entity must always consist of 8 digits.
	Then	Len("F24_LegEntTIN") = 8
	If	"F24_Legal_Status" = "Leg"	A legal entity cannot receive compensation for work.
	Then	"F24_Trans_PurposeCode" <> 3010
	If	"F24_Legal_Status" = "Leg"	A legal entity cannot receive a transfer for a non-commercial purpose, except for current and capital transfers.
		"F24_Trans_Purpose" = "NonComm"
	Then	"F24_Trans_PurposeCode" in 4000, 5000

	If	"F24_TransChar" = "Inter"	In the case of funds transferred to or received from abroad, the country cannot be the Republic of Armenia.
	Then	"F24_Transfer_CntryCode" <> "ARM"
	If	"F24_Transfer_SumUSD" < 50 000	In cases of transfers smaller than USD 50,000, the "not applicable" option shall be completed in columns 14, 15, 16, 18, and 22.
	Then	"F24_LegEnt_Name"
		"F24_LegEntTIN"
		"F24_ResCntryCode"
		"F24_Othside_LegEnt_Name" = "NA"
		"F24_Trans_PurposeCode"
	If	"F24_TransChar" = "Inter"	In the case of a transfer from abroad, the "not applicable" option shall be completed in the "Region of transfer" column.
		"F24_TransType" = "Received"
	Then	"F24_Transfer_Reg" = "NA"

	If	"F24_TransChar" = "Inter"	In the case of a transfer to abroad, the "not applicable" option shall be completed in the "Region of receipt" column.
		"F24_TransType" = "Sent"
	Then	"F24_Transfer_Receive_Reg" = "NA"
	If	"F24_Transfer_System" not in "CorrAcc", "ForBranch"	If the transaction was executed via fast-transfer systems, the "not applicable" option shall be completed in columns 14, 15, 16, 18, and 22.
	Then	"F24_LegEnt_Name"
		"F24_LegEntTIN"
		"F24_ResCntryCode" = "NA"
		"F24_Othside_LegEnt_Name"
		"F24_Trans_PurposeCode"
	If	"F24_TransChar" = "domestic"	If the nature of the transaction is domestic, the "not applicable" option shall be

			completed in columns 14, 15, 16, 18, and 22.
	Then	"F24_LegEnt_Name"
		"F24_LegEntTIN"
		"F24_ResCntryCode" = "NA"
		"F24_Othside_LegEnt_Name"
		"F24_Trans_PurposeCode"
	If	"F24_Legal_Status" in "Nat", "SEnt"	If the party initiating the transaction is a natural person or an individual entrepreneur, the "not applicable" option shall be completed in columns 14 and 15.
	Then	"F24_LegEnt_Name"
		"F24_LegEntTIN" = "NA"