The NBG has revoked the registration for the two Currency Exchange Bureaus due to the detected violations
30 October, 2013
The NBG has revoked the registration for two currency exchange bureaus of the “P and L group Ltd”. The reason was the failure to comply with the obligations set out by the NBG within the regulations for the currency exchange bureaus in order to ensure adequate monitoring of the process of money laundering and guarantee consumer rights protection.
The currency exchange bureaus of “P and L group Ltd.”, which are located in the central districts of the city, have numerously been the reason of consumer dissatisfaction, for imposing commission fees on currency exchange operations without prior notice.
According to the National Bank of Georgia regulations, the currency exchange bureaus are obliged to place the Information about the commission fees (in case of such existence) in a noticeable place – near the cashbox and near the each indicator of bid-ask price of each foreign currency. Despite repeated warnings, the owners of the “P and L group” often mislead consumers and violated the regulations.
It is true that the acting legislation does not restrict the currency exchange bureaus to impose the commission fees. Nevertheless, "On Approving Rule of Registering and Regulating Foreign Exchange Bureaus " directly obliges the owners of the bureaus to inform the consumers about the commission fees during the foreign currency exchange operations.
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