On the imposition of Monetary Fine to the Loan Issuing Entity LTD “Creditservice” (Identification number: 416315062)

    During the inspection process, has been revealed 1 (one) case of incorrect submission of information by the Loan Issuing Entity to the inspection group of the National Bank of Georgia, which in accordance with article 21, paragraph 3, sub-paragraph "n" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fine for Loan Issuing Entity" approved by Order №218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of 2,000 GEL for each case, in total – 2,000 (two thousand) GEL.

    1 (one) case of failure to determine the essence of the client's activity by the Loan Issuing Entity, which, in accordance with article 21, paragraph 3, sub-paragraph "t" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order №218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of 2,000 GEL for each case, in total – 2,000 (two thousand) GEL.

    1 (one) case of failure to study the origin of the client's assets/monetary assets by the Loan Issuing Entity, which, in accordance with article 21, paragraph 3, sub-paragraph "z" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order №218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of 2,000 GEL for each case, in total – 2,000 (two thousand) GEL.

    The electronic system implemented in the Loan Issuing Entity operates with significant flaws. Specifically, it lacks the functionality to detect suspicious or noteworthy signs, including the identification of fragmented transactions (deals), which, in accordance with article 21, paragraph 2, subparagraph “e” of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order №218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of 15,000 (fifteen thousand) GEL.

    In total, Loan Issuing Entity LTD “Creditservice” (Identification number: 416315062) was fined with 21,000 (twenty one thousand) GEL.