The monetary fine imposed on the Microfinance Organization for:
The microfinance organization in relation to 1 (one) client violated the requirement established by Article 18, Paragraph 1, Subparagraph 'D' of the 'Law Of Georgia On Facilitating The Prevention Of Money Laundering And The Financing Of Terrorism' by failing to receive a permit from the management to establish a business relationship. Which according to the article 3, paragraph 3, subparagraph 'D' 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 on each case. In total, for 1 (one) case of violation mentioned in this paragraph - 2,000 (two thousand) GEL;
As of the start date of the inspection, the microfinance organization had assigned the risk level of 1 (one) client 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 1 (one) case of violation mentioned in this paragraph - 3,000 (three thousand) GEL;
One (1) instance of submission of incorrect information through the reporting form provided for by the “Rule on Completing and Submitting the Anti-Money Laundering and Counter-Terrorist Financing Risk Supervision Report by Microfinance Organizations” approved by Order №62/04 of the President of the National Bank of Georgia on March 15, 2024. Which according to Article 3, Paragraph 4, subparagraph 'D' of the fine rule, considers the fine of the microfinance organization with 1,000 (one thousand) GEL for each case. In total, for 1 (one) case of violation mentioned in this paragraph - 1,000 (one thousand) GEL.
Microfinance Organization LLC “Microfinance Organization Cross Credit” (Identification Number: 405185375) was fined with total amount of 6,000 (Six thousand) GEL.