Astana Financial Services Authority and Central Bank of Armenia sign Memorandum of Understanding to enhance cooperation in financial services supervision

Astana Financial Services Authority (“AFSA”) has entered into a Memorandum of Understanding (“MoU”) with the Central Bank of Armenia (“CBA”). The signing ceremony was held in Yerevan.

Under the agreement the Parties will cooperate in supervision and regulation of banking, insurance and capital markets, in particular against money laundering, enforcement, authorisation, supervision, financial recovery etc.

The MoU was signed by Mr Vakhtang Abrahamyan, the Vice-Governor of the CBA, and Mr Mukhtar Bubeyev, the Acting Chief Executive Officer of the AFSA. Parties agreed to promote cooperation in supervision of cross-border establishments in their respective jurisdictions, facilitate supervisory information sharing and provide mutual assistance between the AFSA and the CBA. 

The Memorandum establishes the conditions necessary to provide mutual assistance and facilitate supervisory information sharing between the AFSA and the CBA.

Mr Vakhtang Abrahamyan welcomed the signing of the MoU, saying: “By signing this memorandum we made an important step towards developing relationships between our institutions. The CBA is looking forward for a fruitful cooperation and mutual assistance in diverse world of financial supervision and regulation, where both AFSA and CBA have rich experience to share.”

Mr Bubeyev said: “We are delighted to sign this memorandum which will enhance cooperation between the AFSA and CBA on issues of common interest, to strengthen exchange of information and supervision in the banking, insurance and capital market areas within both jurisdictions.