From Bloomberg By Jessica Brice, Ney Hayashi and David Biller September 22, 2014 In 2004,
Law on Payment and Settlement Systems and Payment and Settlement Organizations of 2004
(amended through 2006)
The Law on Payment and Settlement Systems and Payment and Settlement Organizations governs the payment and settlement system of Armenia.
This law includes the following chapters on:
- Payment and settlement system;
- Non-return, maintenance of payment and settlement documents, Non-return of netting, and Final settlement;
- Oversight of payment and settlement activities;
- Payment and settlement services and organizations rendering such services;
- Regulation and oversight of PSO activities, and Reporting and release of statements, audit opinion and information; and
- Infringement of laws and other normative regulations, and Responsibility.