MONETARY FINE WAS IMPOSED ON CURRENCY EXCHANGE OPERATOR- INDIVIDUAL ENTERPRENEUR "Veisal Rustamov" (I.N. 28001032177) 

A Fine of 13 000 (thirteen thousand) Gel was imposed on individual entrepreneur „Veisal Rustamov”

 

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.

 

During the inspection, there were revealed that in 3 (three) cases of failure to report accurate information to the National Bank of Georgia under the Decree №248/04 of the President of the National Bank of Georgia, approved on November 15, 2018 “Rules on filing and submitting illicit income legalization and Terrorism Financing Risk Supervision Reports by Currency Exchange bureau” for the first half of year 2021 and 2022. Which under the Article 3, Paragraph 4, sub-paragraph “D” of the Rules Approved by the Decree N17/04 (a version before amendment made on April 6,2021) of the President of the National Bank of Georgia “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a fine of GEL 1 000 ( thousand) on each case of infringement, in total -3 000 (three thousand) lari.

 

In particular, in 1 (one) case, the Currency Exchange Operator had not recorded information about the client and the operation (transaction) through a special software (electronic) system, which under the Article 3, Paragraph 2, sub-paragraph “k” 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 7 000 (Seven Thousand) GEL, for each fact of violation. Total – 7 000 (Seven Thousand) GEL.