Monetary Fine Was Imposed On Currency Exchange Operator – Individual Entrepreneur "Elgiun Ismailov" (P/N 28401119051)

1. A Penalty of 3 000 (Three thousand) GEL was imposed on Currency Exchange Operator for failure to execute requirements of the Article 29 paragraph 1 and 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 (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 bureau and its administrators” envisages a Fine of 3 000 (Three thousand) GEL;
2. 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 Currency Exchange Bureau. Delayed submission of the initial registration form Approved by the Order of the Head of the Financial Monitoring Service of Georgia №1 of June 18, 2012, “On the Procedure for Receiving, Systematizing, Processing and Transferring Information to the Financial Monitoring Service of Georgia by Currency Exchange Bureaus” envisages a fine of 3 000 (Three Thousand) GEL according to the Article 3, paragraph 2, sub-paragraph “a” of the Rule Approved by the Decree №17/04 (a version after amendment made on April 06, 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”. Total - 3 000 (Three Thousand) GEL;
3. Due to 1 (one) 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 – 1 000 (One Thousand) GEL.

Currency Exchange Operator – Individual Entrepreneur „Elgiun Ismailov” (P/N 28401119051) was fined with total amount of 7 000 GEL.