General terms

- **General terms and conditions of the Developer’s special account (hereinafter referred to as the “Account”).**
- **Account holder (Developer)**: a resident legal entity or individual entrepreneur of the Republic of Armenia.
- **Buyer:** an individual, legal entity, or individual entrepreneur who has concluded with the Developer an agreement on the right to purchase (acquire) real estate from a multi-apartment or subdivided building under construction, or to purchase an individual residential house in residential districts or complexes.
- **Account currency**: Armenian dram (AMD).
- **Account term**: indefinite.
- **Opening, maintenance, and closure of the Account:**

Minimum account balance

Account maintenance

Account closure

Annual interest rate applied to the daily account balance

Maintenance and servicing of an account with no transactions conducted during one year

Account opening

Possible operations with the account

- The Developer's special account (hereinafter referred to as the Special Account) is used for making advance payments to the Developer by the Buyer for the purchase of real estate from a building under construction or for the acquisition of an individual residential house (right to purchase). No other payments can be made to this account. 
- Funds to the Special Account are credited on the same banking day if the documents on the transfer of funds are submitted to the Bank during the operating hours established by the Bank for the performance of a given type of operation, and if they are submitted outside these hours, then on the next banking day. 
- Payment or transfer of funds from the Special Account is made on the day of submission of the payment order, if the Developer's payment order is submitted to the Bank during the operating hours established by the Bank for the performance of a given type of operation, and if the payment order is submitted outside these hours, then on the banking day following the submission of the payment order. 
- A shorter period for payment or transfer or crediting of funds from the account by a payment order is set at the discretion of the Bank. 
- Intrabank transfers are credited to the Account on the same banking day, except in the event of technical problems or other cases specified by the RA legislation. 
- The payment order may not be processed if there is a restriction on these funds under the right to purchase agreement or the developer's special account agreemen- 

Other terms and restrictions

- The Developer’s and the Bank’s claims cannot be offset against the funds in the special account. 
- The pledged funds in the Developer’s special account cannot be blocked (seized) or seized against any obligation of the Developer not arising from the contract for the right to purchase real estate from the building under construction, including any obligation of the Developer to the state or community budget. 
- The funds invested in the Developer’s special account cannot be blocked (seized), seized against the Developer’s obligations or be used as a liquidation measure for the fulfillment of obligations in the event of the Developer’s bankruptcy, except in cases where: 
- The Developer’s obligations are related to obligations arising from the directions, events or operations provided for by the Developer’s special account opening and maintenance agreement or regulatory legal acts. 
- these funds are funds formed from the interest paid by the Bank to the Developer for the use of the funds in the Developer's special account. 
- The agreement on opening and servicing the Developer's special account is terminated and the special account is closed within a maximum of 2 business days upon the Developer's application, based on the deeds of transfer of ownership concluded between the Developer and the Buyers after the completion of the construction of the building or residential house. 
- The Account Agreement is considered terminated upon receipt of the Account Closure Application. The funds in the Account, if any, after repaying the Developer's debt to the Bank, are provided by the Bank to the Developer in cash or, upon his instruction, are transferred to the Developer's special account opened in another bank. 
- In the event of transactions in a currency different from the Account currency, currency conversion is carried out at the non-cash exchange rate set by the Bank at the time of the transaction. 
- The Developer is obliged to comply with the provisions of the RA legislation and the Account Agreement. 
- The Bank has the right to refuse to open a Developer's Account if: 
- The Developer has not submitted to the Bank the documents required by the RA legislation and the Bank's internal legal acts for opening the Account, including the identification data provided to the Bank are not sufficient to identify the Developer within the framework of the norms and requirements established by the legislation (including the US law "On Taxation of Foreign Accounts"), 
- The Developer has submitted unreliable information, 
- The Developer does not pay the fees stipulated in the Tariffs for opening the Account (if any), There is information about the Developer's involvement in money laundering, terrorist activities, financing of terrorism in accordance with the RA Law "On Combating Money Laundering and Financing of Terrorism" and the Bank's internal legal acts, 
- The Bank has reasonable suspicions of the Developer's involvement in illegal/fraudulent activities and the Developer has not submitted sufficient evidence/documents to exclude these suspicions, 
- The Bank has decisions of state authorities and/or other bodies preventing the opening of the Account. 
- In other cases specified by the legislation of the Republic of Armenia. 

Required documents

1.  A copy of the developer’s state registration certificate (if any) or an extract from the state unified register of legal entities issued by the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia, an identity document of the head of the executive body or his temporary acting representative, and a public services number (social security card), and in case of refusal from it, a certificate of failure to obtain a public services number. 
2.  A copy of the developer’s charter with all its amendments and supplements. 
3.  A copy of the identity document of the person (persons) authorized to manage the funds in the Special Account on behalf of the developer. If the person authorized to manage the funds in the Special Account acts on the basis of a power of attorney or another document different from the charter, then the original power of attorney confirming the right to manage the funds in the Special Account or, in the case of another document, a copy of that document must be submitted together with the copy of the identity document of that person. 
4.  Card of sample signatures of the person(s) authorized to manage the funds in the Special Account on behalf of the Developer. 
5.  Identity documents of individuals who are owners of 10 percent or more of the Developer's authorized capital, shares, or stakes. 
6.  Charter of legal entities that are owners of 10 percent or more of the Developer's authorized capital, shares, or stakes, with all its amendments and supplements, state registration certificate or extract issued by the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia (identity document of the head of the executive body or his/her temporary acting representative and social card number or a note on the person's refusal to receive a social card). 
7.  Permit for the construction of a building or residential house being constructed by the Developer and/or documents confirming the Developer's rights to the building, residential house, and land plot being constructed (land plot development and/or purchase and sale contracts, state registration certificates of rights arising from them).
8. 

Legal entities

1.  A copy of the developer’s state registration certificate (if any) or an extract from the state unified register of legal entities issued by the State Register of Legal Entities of the Ministry of Justice of the Republic of Armenia, an identity document of the head of the executive body or his temporary acting representative, and a public services number (social security card), and in case of refusal, a certificate of failure to obtain a public services number. 
2.  A copy of the identity document of the person (persons) authorized to manage the funds in the Special Account on behalf of the developer. If the person authorized to manage the funds in the Developer’s Special Account acts on the basis of a power of attorney or another document different from the charter, then, together with a copy of the identity document of that person, the original power of attorney confirming the right to manage the funds in the Developer’s Special Account or, in the case of another document, a copy of that document must also be submitted. 
3.  Sample signature card of the person(s) authorized to manage the funds in the Special Account on behalf of the Developer. 
4.  Construction permit for the building or residential house being constructed by the Developer and/or documents confirming the Developer’s rights to the building, residential house and land plot being constructed (land plot development and/or purchase and sale agreements, certificates of state registration of rights arising therefrom). 
5.  The Account can also be serviced via the Bank’s Internet or Amio Mobile systems, the terms, tariffs and procedure of which can be found in the “Remote Service” and “Account Tariffs” sections of the Bank’s website. 
6.  During the opening, maintenance and/or termination of an account, based on the customer due diligence requirement set forth in the RA Law “On Combating Money Laundering and Financing of Terrorism”, the “Know your customer” principle, the need to determine the Developer’s US taxpayer status in accordance with the agreement signed with the US based on the “Foreign Account Tax Compliance Act (FATCA)”, as well as taking into account other various circumstances, the Bank may request additional documents and information from the Developer. 
7.  In accordance with the requirements of the RA Tax Code and the “Common Reporting Standard for Automatic Exchange of Financial Account Information” (CRS), the Bank may collect and transfer certain information on the accounts and tax residency of non-resident clients to the RA State Revenue Committee. In case of failure to provide the required information to the Bank, the Bank will be forced to refuse (suspend) transactions with the Developer's financial accounts in accordance with the requirements of the Tax Code of the Republic of Armenia, with the exception of transactions involving the transfer of funds belonging to the Developer to an account opened in the name of the Developer in another financial institution or the provision of funds to the Developer in person. 
8.  The Bank has the right to unilaterally change the Tariffs for the Developer's settlement and cash service and the tariffs related to the maintenance of the Account and the conduct of operations therewith, by establishing, changing and/or eliminating new rates of Commission fees, bonuses and/or by providing new types of services provided by the Bank related to the maintenance and maintenance of the Account, including the conduct of operations with the Account, by notifying the Developer no later than 5 (five) days before the entry into force of such changes. 
9.  **THE ACCOUNT HOLDER HAS THE RIGHT TO BE COMMUNICATED WITH THE BANK IN THE WAY OF HIS PREFERENCE: BY POSTAL OR ELECTRONIC. RECEIVING INFORMATION ELECTRONIC IS THE MOST CONVENIENT. IT IS AVAILABLE 24/7, FREE FROM THE RISK OF LOSS OF PAPER INFORMATION AND ENSURES CONFIDENTIALITY.**
10.  In case of changes in the Developer's company name or name, reorganization, legal address, location, places of residence or registration, seal (at the Developer's request), composition of persons authorized to carry out operations on the Account, as well as changes in other personal data provided by the Developer, the Developer is obliged to inform the Bank within 5 (five) business days to implement the necessary changes, moreover, the Developer is responsible for the consequences of not informing the Bank about the relevant changes within the above-mentioned period. The Bank, being the Developer's tax agent, makes deductions in accordance with the tax legislation of the Republic of Armenia.

Individual Entrepreneurs

Dispute resolution procedure and protection of the Developer’s rights

**Any disputes and disagreements arising between the parties during the term of the Account Agreement shall be settled through negotiations between the parties, and in the event that no agreement is reached, in accordance with the procedure established by the legislation of the Republic of Armenia.**

The Bank provides the account statement to the Developer in accordance with the procedure and frequency established by the legislation of the Republic of Armenia and the agreement concluded with the Developer.


The Developer’s rights to manage the Account and the funds held therein may be restricted by a court decision based on an application submitted by bodies ensuring the compulsory enforcement of judicial acts or tax authorities.
The seizure of funds from the Account without the Developer’s instruction may be carried out based on a court decision and an application submitted by bodies ensuring the compulsory enforcement of judicial acts or tax authorities.

Notice

Tariffs for Provision of Statements and References

Provision of an account statement or other document (certificate) via email or other means of communication (including VAT).

•	Within the territory of the Republic of Armenia

•	Outside the territory of the Republic of Armenia

Provision of a copy of an account statement (including a credit account), other payment document or document on transactions made without an account, according to the age of the transaction (including VAT):

• For a period with a transaction history of up to 1 year

• For a period with a transaction history of 1 to 3 years

• For a period with a transaction history of 3 to 5 years

Provision of information on the account, account balance, transactions made with or without an account at the Bank's premises, via e-mail, internet/mobile banking system (including VAT):

• In Armenian

• In Russian or English

Provision of references/information on transactions made on account, with or without an account By mail (including VAT)

Provision of a copy of the bank account statement and SWIFT message (including VAT)

Preparation and provision of answers (information) to accounting (audit) inquiries (including VAT) This tariff does not apply to current accounts opened for servicing correspondent, securities service depot, credit, card and deposit accounts.

Provision of an account statement, other payment document, or document related to transactions conducted without an account after each transaction.

A special bank account designed for the secure management of payments made by buyers for the purchase of real estate under construction.

Developer's special acount

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License of the Central Bank of Armenia #40 issued on 10.12.1991
AMIO BANK is the legal successor of ARMBUSINESSBANK.

General terms

Possible operations with the account

Other terms and restrictions

Required documents 2 tabs

Dispute resolution procedure and protection of the Developer’s rights