Monetary Fine Was Imposed On Currency Exchange Operator – Individual Entrepreneur "Zaza Beridze" (P/N 57001031289)

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 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) GEL.
2. Financial Penalty of 10 000 (Ten thousand) GEL 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) GEL.
3. Due to 6 (Six) 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 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 Operators and its Administrators” envisages a fine of 1 000 (One Thousand) GEL, for each fact of violation. Total – 6 000 (Six Thousand) GEL.

Currency Exchange Operator – Individual Entrepreneur “Zaza Beridze” (P/N 57001031289) was fined with total amount of 19 000 GEL.