Armenia to introduce consumer self-restriction tool for online financial transactions

The Central Bank of Armenia has announced the introduction of a consumer self-restriction tool for financial services, which will take effect on July 1, 2026.

The new mechanism will allow users to block online financial transactions with a single action through mobile banking applications or the websites of financial institutions.

For example, consumers will be able to temporarily disable:

1. applying for online loans,
2. online withdrawals from deposits or savings accounts,
3. other remote financial transactions.

The restriction can only be lifted after proper identification and verification of the consumer’s identity.

According to the Central Bank, the new tool aims to help consumers better control financial operations carried out in their name and strengthen protection against fraud.

Before the tool is fully implemented by financial institutions, the regulator will provide additional guidance to consumers on how it works and how it can be used.

The requirements are defined in Regulation 8/09 “Minimum requirements for implementing consumer self-restriction tools for financial services.”

Starting July 1, 2026, the availability of this tool will be mandatory for:

1. banks,
2. branches of foreign banks,
3. credit organizations,
4. payment and settlement companies providing money transfer services,

that offer financial services remotely.