A total of 13,000 (thirteen thousand) GEL was fined to the Currency Exchange Office LTD “GRAND MONETA GEORGIA” (IDENTIFICATION NUMBER: 412776116)

According to Article 1, Paragraph 3 of Order No. 1 of the Head of the Financial Monitoring Service of Georgia dated June 5, 2020 “On Approval of the Rule on Record-keeping, Storage and Reporting of the Information on the Transaction by Obliged Entity to the Financial Monitoring Service of Georgia”, a currency exchange office must, within 10 days of registration with the National Bank of Georgia, submit to the Financial Monitoring Service of Georgia the registration form for currency exchange offices determined in accordance with the rules established by the Financial Monitoring Service of Georgia. Registration as a currency exchange office with the National Bank of Georgia was carried out on October 3, 2023. Despite the above obligation, the currency exchange office submitted the initial registration form to the Financial Monitoring Service late, on April 18, 2024, which, in accordance with Article 3, Paragraph 2, Subparagraph “a” of the “Rule for Determining, Imposing and Enforcing the Amount of Monetary Fines against Currency Exchange Offices and their Administrators” (hereinafter “Penalty Rule”) approved by Order No. 17/04 of the President of the National Bank of Georgia dated February 5, 2020, it envisages a fine of 3,000 (three thousand) GEL;

As of the date of commencement of the inspection specified in the legal act of the National Bank of Georgia on the inspection of a currency exchange office, 1 (one) fact of incorrect submission of information held by the currency exchange office to the Financial Monitoring Service in the reporting provided for in Article 6, Paragraph 4 of the “Rules for Recording, Storing and Submitting Information on Transactions by an Obliged Entity to the Financial Monitoring Service of Georgia” approved by Order No. 1 of the Head of the Financial Monitoring Service of Georgia dated June 5, 2020, which, in accordance with Article 3, Paragraph 3, Subparagraph “l” of the Penalty Rule, it envisages a fine of 2,000 (two thousand) GEL for each fact of violation, in total 2,000 (two thousand) GEL;

In accordance with Article 10, Paragraph 4 of the Law of Georgia "On Facilitating the Prevention of Money Laundering and the Financing of Terrorism", have been revealed 4 (four) cases of failure to determine the essence of the client's activities, which, in accordance with Article 3, Paragraph 3, Subparagraph "t" of the Penalty Rule, it envisages a fine of 2,000 (two thousand) GEL in relation to each client, in total 8,000 (eight thousand) GEL.