Citizens Won't Have to Wait 7 Days After Payment of Seized Funds

From now on, if there is a seized amount in a bank account that is subject to enforcement by the Enforcement Service of the Republic of Armenia (ԵԾԱԾ), the collection of funds and the unseizure of the bank account will take place within 1 working day, instead of the previous 5-7 days. This information was reported by the Ministry of Justice of Armenia.

For years, citizens have complained that even after making a payment, they had to turn to various circles and wait for days until the seizure on their assets and financial resources imposed by the Enforcement Service was lifted.

According to the announcement, an automated program has been launched as a result of cooperation between the Ministry, the Central Bank, and Ameriabank, which has facilitated the process.

“Thanks to digital solutions, when the Enforcement Service sends a collection notification to the bank, the responses will now be automated, without human intervention, which will help avoid possible errors and save time,” the agency noted.

The Ministry recalls that the Enforcement Service had already implemented a similar pilot program with ID Bank and Converse Bank. The process will be continuous, and the system will be implemented in all banks of the Republic of Armenia.