Monetary Fine Was Imposed On Credit Issuing Entity JSC "Iba Geo" (I/N 202359009)

As a result of the inspection, it was revealed that the submission of the initial registration form to the Financial Monitoring Service had been delayed by the Credit Issuing Entity. Delayed submission of the initial registration form envisaged under the article 1 paragraph 2 of the Order №1 (June 5, 2020) of the Head of the Financial Monitoring Service of Georgia “on the establishment of the Rules on Record–Keeping, Storage and Reporting of the Information on the Transaction by Obligated Entities to the Financial Monitoring Service of Georgia”, which according to the Article 2¹, paragraph 2, point “a” of the Rule Approved by the Decree N218/04 (September 27,2018) of the President of the National Bank of Georgia on “Determining, imposing and enforcing of the fines to the Credit Issuing entities envisaged a Fine of 5,000 (five thousand) Lari.

Credit Issuing Entity JSC “Iba Geo” (I/N 202359009) was fined with total amount of 5 000 GEL.