ArmInfo.Nelly Kocharyan, the Head of the Department of Financial Institutions and International Banking Relations of Converse Bank, highlighted the impact of large foreign banks exiting Armenia on the country's banking sector.
This include challenges such as limited international transfers and trade finance opportunities, as well as the complexities in servicing foreign trade transactions with other countries. She shared these insights at the 48th International Banking Forum, speaking as a panelist in the discussion on "Correspondent Banking Relations - Combating De-Risking. Prospects for International Trade and Trade Finance". In this context, she noted that Converse Bank is already developing ways to contain potential risks: "We expect support from international financial institutions, assistance from major players, including consulting services."
Other forum participants also shared their experiences in the field of risk management during the panel discussion, after which an exchange of opinions took place. The Banking Association for Central and Eastern Europe was the initiator of the 48th International Banking Forum. Participants from countries such as Germany, Poland, Armenia, Italy, Ukraine, Great Britain, and other countries in Central and Eastern Europe were represented at the forum.
It should be noted that the term <de-risking> is increasingly appearing on the agenda of the global financial community and FATF. De-risking refers to a situation when banks unreasonably terminate or limit business relations with individual clients, categories of consumers and (or) entire countries in order to avoid the risks of involvement in dubious schemes. FATF (Financial Action Task Force on Money Laundering) is an intergovernmental organization that develops global standards in the field of combating money laundering and terrorist financing (AML/CFT), and also assesses the compliance of national AML/CFT systems with these standards.
