Draft amendments to the RA Law on Inspections are on the RA Parliament’s agenda. 

The draft grants the RA Committee for Protection of Economic Competition additional powers to conduct inspections at banks and other financial institutions.

According to the draft, the Committee is to apply to the Central Bank of Armenia (CBA), which is to conduct inspections and submit the results to the Committee. The CBA cannot inform the Committee of bank secrets. The Committee must also consult the CBA over imposing fines on banks.

As to the real sector, it will “feel” the inspections from next year.

The Committee will have the right to demand vide and audio records, access to buildings and land plots.