Monetary Fine Was Imposed On Currency Exchange Operator – LTD "Sakhalkho Crediti" (I/N 415080218)

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. Due to 2 (Two) 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 – 2 000 (Two Thousand) GEL.
3. During the inspection period, revealed 2 (Two) cases of non-submission of reports to the Financial Monitoring Service of Georgia, in cases above the limits of buying and selling foreign currency in cash. In relation of the mentioned operations have been violated requirements provided for in Article 6, Clause 4 of the Rule Approved by the Order of the Head of the Financial Monitoring Service of Georgia №1 on June 5, 2020, “For Accounting, Storage and Submission of Information on the Transaction by the Accountable Person to the Financial Monitoring Service of Georgia”, which under the Article 3, Paragraph 3, 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 2 000 (Two Thousand) GEL, for each fact of violation. Total – 4 000 (Four Thousand) GEL.

Currency Exchange Operator – LTD “Sakhalkho Crediti” (I/N 415080218) was fined with total amount of 9 000 GEL.