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.

Financial Penalty of 2,000 (two thousand) Lari was imposed on the Currency Exchange operator for failure to report accurate information to the National Bank of Georgia under the provisions of the “Rules on filing and submitting illicit income legalization and Terrorism Financing Risk Supervision Reports by Currency Exchange bureau” approved on November 15, 2018 under the Decree №248/04 of the President of the National Bank of Georgia, which under the Article 3, Paragraph 4, sub-paragraph ‘d’ of the Rules Approved by the Decree N17/04 of the President of the National Bank of Georgia on February 5, 2020 (a version adopted after 2021, 5 April amendment) “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a fine of GEL 1 000 ( thousand) lari on each case of infringement.

In Total Currency Exchange Operator Individual Entrepreneur „NINO MORBEDADZE” (I.N. 20001004631) was fined with 15,000 (Fifteen Thousand) GEL.