Banking secret shall be deemed disclosed when any information constituting banking secrecy is made publicly available or otherwise disseminated in its oral or written expression in mass media or otherwise, when it becomes known to a third party or parties, or efforts have been directly or indirectly made to enable the parties to gain such information as it could be the case of permitting, not preventing or, in the result of respective secrecy duties violations, making possible the disclosure of secrets.
Information or provision of banking secrets by the bank to any persons or organizations who are engaged in providing legal, accounting, other advisory or representation services or carrying out some specific jobs for the bank, provided that it is necessary for providing such services or carrying out such jobs and that such persons or organizations are obliged to refrain themselves from carrying out activities or non-activities prescribed by Article 8 of this Law, shall not be regarded as disclosure of banking secrets.
The Central Bank shall disclose names of bad debtors holding large liability(s) towards banks and/or a certain bank through press and/or other mass media, every three months. Large debt provided for in this point shall mean an amount of 20 million Armenian drams, or the liability equivalent to or exceeding such amount. For the purpose of implementing this part, the equivalency of foreign currency liability to the liability in drams of the Republic of Armenia shall be determined according to the average exchange rate prevailing in the exchange markets published by the Central Bank of the Republic of Armenia as of the last business day of the preceding quarter. The bad debtor referred to in this point shall be considered as the debtor who has breached the terms of the contract for a period of 180 days and more. Disclosure of information referred to in this point shall not be deemed as illegal disclosure of bank secrecy.
Disclosure of the decisions by the Central Bank of the Republic of Armenia and the delinquent bank, on violations of the laws or other legal acts by the bank and/or the manager of the bank and sanctions for these violations imposed against the bank and/or the manager of the bank by the Central Bank of the Republic of Armenia, shall not be considered as illegal disclosure of bank secrecy. It is prohibited to indicate the names (titles) of customers of the delinquent bank while disclosing the decisions on the sanctions.

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