A Fine of 16 000 (sixteen thousand) Gel was imposed on individual entrepreneur „Givi Berashvili”

Financial Penalty of 3000 (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”, which according to the Article 3, paragraph 3, point “i” of the Rule Approved by the Decree N17/04 (amended after 2021, 6 April) of the President of the National Bank of Georgia on February 5, 2020 “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 set forth in article 27, paragraph 6 of the Law of Georgia “On Facilitating the Prevention of Money Laundering and the Financing of Terrorism”. The software (electronic) system implemented in the currency exchange office for the purposes of preventing money laundering and financing of terrorism, functions with significant shortcomings. In particular, it fails to ensure the detection of suspicious/unusual/disjointed transactions and automatic verification of individuals in the lists of sanctioned and politically exposed persons. In addition, the program is not able to record information required by the Know Your Customer (KYC) standard, which, in accordance with article 3, paragraph 2, subparagraph "e" of the Rule “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators" approved by Order №17/04 of the President of the National Bank of Georgia dated February 5, 2020, it envisages a fine of 10,000 (ten thousand) GEL.

Due to 3 (Three) facts of submission of incorrect information to the National Bank by the Report Approved by the Order of the President of the National Bank №248/04 of November 15, 2018, "The Procedure for Filling out and Presenting Information About the Risk of Money Laundering and Terrorism Financing of the Currency Exchange Bureau", which under the Article 3, Paragraph 4, sub-paragraph “D” of the Rule Approved by the Decree №17/04 (a version after amendment made on April 6, 2021) of the President of the National Bank of Georgia on February 5, 2020 “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators” envisages a fine of 1 000 (One Thousand) GEL, for each fact of violation. Total 3 000 (Three thousand) Lari.