Escrow account is a special bank account to which the money required for the acquisition of a product, service, movable or non-movable estate is credited on a condition of being deposited. In case of submission of documentation as a proof of implementation of liabilities Bank shall pay to the party specified in the agreement. If one of the parties does not implement the liabilities on time or implements it inappropriately the amount on escrow account shall be returned to the party who has been credited the amount.

Bank guarantees:

• escrow account deposit funds,
• on time payment of funds to the beneficiary made from escrow account in case of submission of documentation as a proof of implementation of liabilities as stipulated under the agreement

For legal entities established and/or operating in the territory of the Republic of Armenia

• Reference from the Unified State Register of Legal Entities;
• Copy of State Registration Certificate with inserts;
• Copy of document certifying taxpayer identification number (TIN) where TIN is not indicated in the State Registration Certificate;
• Copy of license (for activities subject to licensing);
• Information on customer participants (founders) (where the customer is a joint stock company, a statement issued by shareholder registry keeper on shareholders who own 10% or more shall be provided);
• Where the customer acts through an authorized person, a duly executed power of attorney;
• Copy of the company representative's passport, identification card, RA special passport issued by the competent authority, residence card or internationally recognized travel document (in case of a foreign passport, the passport shall be translated into Armenian and certified by notary public).

For legal entities established and/or operating outside of the territory of the Republic of Armenia

• Package of customer founding documents with originals of translated into Armenian versions, certified by notary public;
• Originals of translated versions, certified by notary public, defining the customer’s legal status and certifying its state registration and registration in tax authorities;
• Original copy of translated license, certified by notary public (for activities subject to licensing);
• Information on customer participants (founders), originals of translated versions, certified by notary public (where the participant (founder) is a non-resident natural person, the passport shall be translated into Armenian and certified by notary public);
• Where the customer acts through an authorized person, a duly executed power of attorney;
• Copy of the company representative's passport, identification card, RA special passport issued by the competent authority, residence card or internationally recognized travel document (in case of a foreign passport, the passport shall be translated into Armenian and certified by notary public).

• The right of the account holder to manage the account and the funds available on the account can be restricted through a court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies and tax authorities.
• Tariffs are set in AMD, and tariffs set in percentage of foreign currency transactions shall be calculated at the average prevailing exchange rate announced by the Central Bank of Armenia.
• In the absence of movement of funds on the account within 1 year, with availability of balance on the account, the account shall be frozen in order to avoid further accumulation of service commissions.