The monetary fine was imposed on JSC “Miso Invest Georgia” (Identification Number: 404869576) for:
1.During an inspection period on 2 (two) occasion a microfinance organization incorrectly submitted information/documentation to the National Bank of Georgia. Which according to the article 3, paragraph 3, subparagraph 'P' of the “Rule for determining, imposing and enforcing of the fine to the microfinance organizations and their administrators” (hereafter referred to as "the fine rule") adopted on February 5, 2020 by the order №16/04 of the President of the National Bank of Georgia considers fining the microfinance organization with the amount of 2,000 (two thousand) GEL for each case. In total, for 2 (two) cases of violation mentioned in this paragraph - 4,000 (four thousand) GEL.
2.During an inspection, it was revealed that in 2 (two) cases obliged entity failed to comply with the requirement stipulated in Article 10, Paragraph 1, subparagraph 'G' of the Law of Georgia “On Facilitating the Prevention of Money Laundering and Financing of Terrorism”. Specifically, the microfinance organization failed to establish the goal and the intended nature of a business relationship. Which according to Article 3, Paragraph 3, subparagraph 'T' of the fine rule, considers the fine of the microfinance organization with 2,000 (two thousand) GEL for each case. In total, for 2 (two) cases of violation mentioned in this paragraph - 4,000 (four thousand) GEL.
3.As of the start date of the inspection, the microfinance organization had assigned or reassessed the risk level of 3 (three) clients without considering the organization’s internal policies and procedures. Which according to Article 3, Paragraph 3, subparagraph 'V' of the fine rule, considers the fine of the microfinance organization with 3,000 (three thousand) GEL for each case. In total, for 3 (three) cases of violation mentioned in this paragraph - 9,000 (nine thousand) GEL.
Microfinance Organization JSC “Miso Invest Georgia” (Identification Number: 404869576) was fined a total amount of 17,000 (seventeen thousand) GEL.