On the imposition of Monetary Fine to the Loan Issuing Entity LTD “Eurocredit” (Identification number 412684572)

Loan Issuing Entity submitted the initial registration form to the Financial Monitoring Service late. The Loan Issuing Entity was registered at National Bank of Georgia on January 30, 2019. Under the rule of the Head of the Financial Monitoring Service of Georgia amended on June 5, 2020 “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”, under the Article, Paragraph 2, Loan Issuing Entity which had started its activities before the implementation of this rule, should have submitted form to the Financial Monitoring Service of Georgia within 1 month after the implementation of this rule. According to Article 2 of the same rule, the order came into effect on October 20, 2020. Based on the fact that the Loan Issuing Entity had started its activities before the above-mentioned rule came into effect, it was obliged to submit a completed registration form to the Financial Monitoring Service of Georgia no later than November 20, 2020, which has not been done. In accordance with article 2¹, paragraph 2, sub-paragraph "A" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 5,000 (five thousand ) GEL.

In total Loan Issuing Entity LTD “Eurocredit” (Identification number 412684572) was fined with 5 000 (Five Thousand) lari.