3 (three) cases of incorrect presentation of information/documentation held by the microfinance organization to the National Bank of Georgia during the inspection process, which, in accordance with Article 3, Paragraph 3, Subparagraph “p” of the “Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines against Microfinance Organizations and their Administrators” (hereinafter referred to as the “Penalty Rules”) approved by Order No. 16/04 of the President of the National Bank of Georgia dated February 5, 2020, envisages fine of the microfinance organization in the amount of 2,000 (two thousand) GEL for each fact of violation, in total – 6,000 (six thousand) GEL;

Microfinance Organization has not implemented the preventive measure provided for in Article 10, Paragraph 4 of the Law of Georgia "On Facilitating the Prevention of Money Laundering and the Financing of Terrorism" in relation to 1 (one) client, in particular, the essence of the activity has not been determined, which, in accordance with Article 3, Paragraph 3, Subparagraph “t” of the Penalty Rules, envisages fine in the amount of 2,000 (two thousand) GEL for such a client, in total – 2,000 (two thousand) GEL;

The requirements of Article 18, Paragraph 1, Subparagraph “e” of the Law of Georgia "On Facilitating the Prevention of Money Laundering and the Financing of Terrorism" have been violated by the microfinance organization in relation to 1 (one) client, in particular, the microfinance organization did not conduct a study of the origin of funds in line with the legislation, which, in accordance with Article 3, Paragraph 3, Subparagraph “z” of the Penalty Rules, envisages fine of the microfinance organization in the amount of 3,000 (three thousand) GEL for each client, in total – 3,000 (three thousand) GEL;

1 (one) fact of failure to comply with the requirements within the established deadlines that was specified in the letter No. 862-1k dated August 25, 2023 as a result of the inspection carried out on the basis of the Decree No. 766-1k of the President of the National Bank of Georgia dated July 5, 2023, which, in accordance with Article 3, Paragraph 2, Subparagraph "i" of the Penalty Rules, envisages fine of the microfinance organization in the amount of 7,000 (seven thousand) GEL for each fact of unfulfilled requirement, in total – 7,000 (seven thousand) GEL.

The microfinance organization has been fined with a total amount of 18,000 (eighteen thousand) GEL.