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Training course and training sessions for the private sector focused on beneficial ownership declaration

Around 120 members of the business community actively participated in a series of training sessions focused on beneficial ownership declaration. These four consultation meetings, held in May and June 2023, aimed to address technical and content-related inquiries that may arise before, during, and after submitting the BO declaration.

The capacity-building training was conducted by the Freedom of Information Center of Armenia, with support from the Center for International Private Enterprise (CIPE).

Luiza Ayvazyan, the head of CIPE’s Armenia branch, acknowledged the significant efforts Armenia has made in promoting transparency in beneficial ownership. However, she emphasized that the process is still in its early stages, and it is evident that the role of the BO declaration and its impact on the private sector are not yet clearly understood by the business community, which are the intended beneficiaries.

The education initiative was centered on a training module titled “Beneficial Ownership Transparency: Compliance Assurance and Risk Management.”

This module was specifically developed by FOICA (Freedom of Information Center of Armenia) exclusively for the private sector.

The meetings comprised three main segments. The first part provided an opportunity for participants to discuss the risks and opportunities associated with the BO declaration, facilitated by lawyer Armen Sargsyan.

The second part focused on the issue of personal data protection within the context of the BO declaration, with Gevorg Hayrapetyan, the head of The Personal Data Protection Agency of the Ministry of Justice of the Republic of Armenia.

The final segment featured Hripsime Iskandaryan, a representative from the State Register Agency of Legal Entities of Armenia, who provided a comprehensive presentation on the existing mechanisms for resolving technical and content-related challenges related to the declaration and administrative procedures.


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