On the imposition of Monetary Fine to the Currency Exchange Office Ltd “Exinvest ” (Identification number: 405150713)

1. 8 (eight) cases of providing services to persons without identification/verification, which, in accordance with article 3, paragraph 3, subparagraph “b” of the Rule “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators” approved by Order №17/04 of the President of the National Bank of Georgia dated February 5, 2020, it envisages a fine of 1,000 (one thousand) GEL for each fact of violation, in total 8,000 (eight thousand) GEL;
2. Failure to comply with the requirements set forth in article 27, paragraph 6 of the Law of Georgia “On Facilitating the Prevention of Money Laundering and the Financing of Terrorism”. The software (electronic) system implemented in the currency exchange office for the purposes of preventing money laundering and financing of terrorism, functions with significant shortcomings. In particular, it fails to ensure the detection of suspicious/unusual/disjointed transactions and automatic verification of individuals in the lists of sanctioned and politically exposed persons. which, in accordance with article 3, paragraph 2, subparagraph "e" of the Rule “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators” approved by Order №17/04 of the President of the National Bank of Georgia dated February 5, 2020, it envisages a fine of 10,000 (ten thousand) GEL.
3. Failure to comply with the requirements set forth in article 29, paragraphs one and 2 of the Law of Georgia “On Facilitating the Prevention of Money Laundering and the Financing of Terrorism”. The currency exchange office has not developed internal instructions, which, in accordance with article 3, paragraph 3, subparagraph “i” of the Rule “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators" approved by Order №17/04 of the President of the National Bank of Georgia dated February 5, 2020, it envisages a fine of 3,000 (three thousand) GEL.

Currency Exchange Office Ltd "Exinvest" (identification number: 405150713) was imposed a fine in the total amount of 21 000 (Twenty-one thousand) GEL.