monetary Fine was imposed on CURRENCY eXCHANGE OPERATOR- LTD “Luka” (I.N. 406221431)

A Financial Penalty of 8 000 (eight thousand) GEL was imposed on Limited liability company “Luka”.

During the inspection, a penalty of 3 000 (three thousand) lari was imposed on the currency exchange bureau for non-submission of the initial registration Form envisaged under the Decree N1 of the Head of the Financial Monitoring Service of Georgia on 18 June, 2012 “On the Approval of Rules on Record –Keeping, Storage and Reporting of the Information on the Transaction by Obligated Entities to the Financial Monitoring Service of Georgia”, which under the Article 3, Paragraph 2, sub-paragraph ‘a’ of the Rules Approved by the Decree N17/04 (a version after the 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 GEL 3 000 (three thousand) lari.

Financial penalty of 2 000 (two thousand) lari was imposed on currency exchange bureau for 2 (two) cases of failure to provide accurate Information under the First Periodic Report of 2021 (January 1, 2021- June 30,2021) and Second Periodic Report of 2021 (July 30, 2021 –December 31) 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 (amended after 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 GEL 1 000 ( thousand) lari on each case of infringement.

A penalty of 3000 (three thousand) lari was imposed on Currency Exchange operator for failure to execute requirements of the Article 29 paragraph 2 on internal control and monitoring 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 Rules Approved by the Decree N17/04 (amended after 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) Lari.