A Penalty of 3000 (Three thousand) Lari 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 5, 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) 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 (2 cases) 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 1 000 (thousand) lari on each case of infringement.

 

Financial Penalty of 10 000 (ten thousand) Lari was imposed on the Currency Exchange Operator, as their electronic software cannot ensure the detection of noteworthy/suspicious sings and also checking of persons in the lists of politically active and/or sanctioned persons provided by the resolutions of the United Nations Security Council. Which under the Article 3, Paragraph 2, sub-paragraph ‘e’ 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 10 000 (ten thousand) lari.

 

Currency Exchange Operator – Individual Entrepreneur “Tamaz Barateli” was fined with total amount of 15 000 Lari.