A monetary fine with the amount of GEL 60 000 (sixty thousand) was imposed on the commercial bank Credo Bank JSC (ID No. 205232238). Specifically, the fine was imposed due to the following violations:

• For 2 (two) cases, incorrect submission of information/documentation requested during the inspection process;
• With respect to 6 (six) clients, failure to monitor business relationships, study the origin of transactions, activities, property and funds in accordance with the legislation and internal policies/procedures;
• With respect to 2 (two) clients, failure to update information in accordance with the legislation;
• With respect to 1 (one) client, failure to assign risk level as determined by the internal policies/procedures of the commercial bank;
• With respect to 1 (one) client, violation of legislative requirements related to a politically exposed person.