Financial Penalty of 3,000 (Three thousand) Lari was imposed on Currency Exchange operator for failure to execute requirements of the Article 29 paragraph 2 of the Law of Georgia “on Facilitating the Suppression of Money Laundering and Terrorism Financing”. The document is characterized by significant shortcomings. It fails to meet the requirements of the legislation and the National Bank's guidelines. which according to the Article 3, paragraph 3, point “i” of the Rule “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a Fine of 3,000 (Three thousand) Lari.

Failure to comply with the requirements of the Article 27 paragraph 6 of the Law of Georgia “on Facilitating the Suppression of Money Laundering and Terrorism Financing”. The software system implemented in the currency exchange office for the purpose of promoting prevention of money laundering and financing of terrorism is operating with significant faults. In particular, it fails to detect suspicious/unusual/split transactions and the verification of persons in the sanctioned and politically active lists. which according to the Article 3, paragraph 2, point “e” of the Rule “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a Fine of 10,000 (Ten thousand) Lari.

In Total Currency Exchange Operator Individual Entrepreneur „DIMITRI QURTSIKASHVILI” (I.N.20001027887) was fined with 13,000 (Thirteen Thousand) GEL.