Amendments to Central Bank of Armenia Resolution No. 285-N Regarding Payment and Settlement Organizations

1) In paragraph 18 (4) of the Regulation, replace the word “in Appendix” with the words “in relevant Appendices”;
2) In paragraph 18 of the Regulation, remove the word “individual” from subparagraph 4;
3) In paragraph 18 of the Regulation, after subparagraph 4.1 add the following writing as subparagraphs 4.2, 4.3, and 4.4:
“4.2) for a non-resident legal entity holding a 10% and more of voting share in the payment and settlement organization, an assurance, duly issued by the relevant authority of the country where the non-resident legal entity resides, stating that the person concerned has no outstanding or unexpunged conviction for an intentionally committed crime in accordance with the procedure prescribed by law, 4.3) reference information on beneficial owners in the payment and settlement organization, in accordance with Appendix 3.2, 4.4) for non-resident beneficial owners in the payment and settlement organization, an assurance, duly issued by the relevant authority of the country where the non-resident legal entity resides, stating that the person concerned has no outstanding or unexpunged conviction for an intentionally committed crime in accordance with the procedure prescribed by law,”;
4) After paragraph 79.3 of the Regulation, add the following writing as paragraph 79.4:
“79.4 Where there is change to the information submitted to the Central Bank of Armenia regarding the beneficial owners in the payment and settlement organization after an activity license has been granted thereto, the payment and settlement organization shall submit a statement covering such changes to the Central Bank of Armenia within 10 business days after the changes have occurred, in accordance with Appendix 3.2 of this Regulation.”;
5) Remove the expression “of sound judgment and” from paragraph 118 (2) of the Regulation;
6) In Appendix 2 to the Regulation, after paragraph 4.6 add the following writing as subparagraphs 4.6.1, 4.6.2, and 4.6.3:
“

4.6.1 Does the legal entity-participant holding a 10% and more of voting share in the payment and settlement organization have a criminal record for an intentional crime?
Yes [ ] No [ ]
If “Yes”, please provide details (including about whether the conviction has been expired or expunged in accordance with the procedure prescribed by law)
4.6.2 Is the legal entity-participant holding a 10% and more of voting share in the payment and settlement organization included in the lists of persons related to terrorism or proliferation of weapons of mass destruction published under or in accordance with the United Nations Security Council resolutions?
Yes [ ] No [ ]

If “Yes”, please provide details (date (day/month/year), any legal grounds)
4.6.3 Do the grounds provided for under Article 20.1 (1) of the Republic of Armenia Law “On Payment and Settlement Systems and Payment and Settlement Organizations” and other normative regulations adopted by the Board of the Central Bank of the Republic of Armenia lack with the party?

Yes [ ] No [ ]

If “No”, please provide details
”;

7) In Appendix 2-1 to the Regulation, after point 5.1 add the following writing as subpoint 5.1.1:
“
5.1.1 Do the grounds provided for under Article 20.1 (1) of the Republic of Armenia Law “On Payment and Settlement Systems and Payment and Settlement Organizations” and other normative regulations adopted by the Board of the Central Bank of the Republic of Armenia lack with the party?

Yes [ ] No [ ]

If “No”, please provide details
”;

8) In Appendix 2-2 to the Regulation, after point 3.1 add the following writing as subpoint 3.1.1:
“
3.1.1 Do the grounds provided for under Article 20.1 (1) of the Republic of Armenia Law “On Payment and Settlement Systems and Payment and Settlement Organizations” and other normative regulations adopted by the Board of the Central Bank of the Republic of Armenia lack with the party?

Yes [ ] No [ ]

If “No”, please provide details
”;

9) In Appendix 3 to the Regulation, after point 4.4 add the following writing as subpoint 4.1.1:
“

4.4.1 Is the individual-participant holding a 10% and more of voting share in the payment and settlement organization included in the lists of persons related to terrorism or proliferation of weapons of mass destruction published under or in accordance with the United Nations Security Council resolutions?
Yes [ ] No [ ]
If “Yes”, please provide details (date (day/month/year), any legal grounds)
4.4.2 Do the grounds provided for under Article 20.1 (1) of the Republic of Armenia Law “On Payment and Settlement Systems and Payment and Settlement Organizations” and other normative regulations adopted by the Board of the Central Bank of the Republic of Armenia lack with the party?
Yes [ ] No [ ]
If “No”, please provide details
”;

10) Supplement the Regulation with Appendix 3.2, in accordance with Appendix 1 to this resolution;
11) In point 5.2 of Form 2 of Appendix 5 to the Regulation, replace the words “removed or quashed” with the words “expired or expunged”;
12) After point 5.2 of Form 2 of Appendix 5 to the Regulation, add the following writing as subpoint 5.2.1:
“
5.2.1 Are you included in the lists of persons related to terrorism or proliferation of weapons of mass destruction published under or in accordance with the United Nations Security Council resolutions?
o No o Yes, please provide details (date (day/month/year), any legal grounds) ”;

13) After point 5.13 of Form 2 of Appendix 5 to the Regulation, add the following writing as point 5.14:
“
5.14 Are the requirements set forth in relevant laws and regulatory instruments observed?
o No, please provide details o Yes
”;

14) Revoke point 13 (“c”) of Form 2 of Appendix 5 to the Regulation.

Appendix 1 to the Republic of Armenia Central Bank Board Resolution No. 42-N, dated March 13, 2025

“Appendix 3.2 to Regulation 17/01 “Procedure for Licensing of Payment and Settlement Organizations, Registration of Branch Offices; Qualification, Appraisal of Professional Integrity and Registration of Managers of Payment and Settlement Organizations”

The Beneficial Owners in Payment and Settlement Organizations Reference Information

(name of the payment and settlement organization)

1. Name, father’s name, surname
2. Nationality
3. Date of birth (day/month/year)
4. Identification document information
o Passport details
o Other valid passport details (if any)
5. Please indicate:
o Public services number / number of Reference stating that no public services number has been obtained
o Not applicable
6. Please indicate:
o Place of registration

o Address of actual residence
7. Means of communication:
o Phone number
✓ mobile
✓ other o E-mail address
8. Date of qualifying as a beneficial owner (day/month/year)

The grounds for qualifying as a beneficial owner, in accordance with the Republic of Armenia Law “On Combating Money Laundering and Terrorism Financing” (please provide details and, where subpoints 1 to 4 of this point are to be completed, also indicate the amount of participation); if qualified as a beneficial owner on multiple grounds, all applicable grounds shall be noted in the relevant subpoints:

o 1. directly owns 20 percent and more of the voting shares (stocks, units) of the payment and settlement organization concerned, or

o 2. indirectly owns 20 percent and more of the voting shares (stocks, units) of the payment and settlement organization concerned, or

o 3. directly holds 20 percent or more participation in the statutory capital of the payment and settlement organization concerned, or

o 4. indirectly holds 20 percent or more participation in the statutory capital of the payment and settlement organization concerned, or

o 5. exercises real (de facto) control by other means over the payment and settlement organization concerned,

o 6. acts as an official who manages general or day-to-day activities of the payment and settlement organization concerned in the event no individual to meet the requirements of subpoints 1, 2, 3, 4, and 5 of this point is in place.

Information on intermediate legal entities (an intermediate legal entity is a payment and settlement organization and any other legal entity acting in the beneficial ownership chain):
o data on state registration of the legal entity o name, surname of the head of the executive body of the legal entity
Is the beneficial owner included in the lists of persons related to terrorism or proliferation of weapons of mass destruction published under or in accordance with the United Nations Security Council resolutions?
o No o Yes, please provide details (date (day/month/year), any legal grounds)
Does the beneficial owner have a criminal record for an intentional crime?
o No o Yes, please provide details (including about whether the conviction has been expired or expunged in accordance with the procedure prescribed by law)
Other information which you think is important
We hereby certify that we are aware and have in the meantime informed the beneficial owner under this Appendix about that:

the information contained in this document is true and complete,
any misrepresentation of information shall lead to criminal and administrative liability as prescribed by law,
the data presented in this Reference information, including personal data, may be transferred or disclosed by the Central Bank of Armenia to the authority in charge of state registration of legal entities,
the payment and settlement organization will notify the Central Bank of Armenia of any change in the information presented.

Competent management body: __________________________________________________ Date (day/month/year): ________________________________________________________ Signature: __________________________________________________________________ ”

Introducing Changes and Additions to the Republic of Armenia Central Bank Board Resolution No. 285-N, dated October 25, 2011

Changes and additions