The Freedom of Information Center of Armenia developed a training module for the representatives of the private sector.

“Beneficial Ownership Transparency: Compliance Assurance and Risk Management” training module is intended for the representatives of the private sector, and it is aimed at improving the participants’ knowledge of the institution of beneficial ownership transparency, its importance, as well as the applicable legal requirements in the territory of the Republic of Armenia.

The representatives of the business sector shall be introduced to the meaning of the term “beneficial ownership” and its role in the domestic anti-money laundering systems. The aim of the training course shall be to study the domestic rules for identifying beneficial owners among legal entities, the results of creating and adding a unified register, as well as the best practice.

The capacity building of the participants shall enable them to ensure their compliance with legal regulations and manage potential risks.

The thematic six-part module can easily be adapted for other stakeholder groups with an obligation of BO declaration, providing substantive and technical summary knowledge and skills on the beneficial ownership transparency initiative and the BO declaration process.

The module is developed by the Freedom of Information Center of Armenia in the framework of the “Disrupting Kleptocracy by Advancing Beneficial Ownership Transparency” project supported by The Center for International Private Enterprise (CIPE).

According to the Module, the FOICA is already organizing training courses, involving trainers both the experts of the field and the representatives of the authorized body responsible for the BO process.

The training courses provide an opportunity not only to develop the capabilities of the business sector in this area but also to become an effective tool for dialogue and a platform to map the current problems reported by the private sector and the possible options for their solution.