1. During the inspection, it was revealed that in 14 (fourteen) cases National Bank of Georgia was provided with inaccurate information through the supervision reports on the risk of the legalization of illicit income and terrorist financing by the microfinance organization, defined by the decree №61/04 of the President of the National Bank of Georgia adopted on May 31, 2016 which according to the article 2 paragraph 2 subparagraph “r” of the “Rule for determining, imposing and enforcing of the fine for the violation of the requirements of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” by the microfinance organizations, currency exchange bureaus and entities carrying out money transfers” adopted on February 7, 2012 by the order №25/04 of the President of the National Bank of Georgia envisages fine with the amount of 1 000 Lari on each case. Total – 14 000 Lari;
2. Microfinance organization failed to comply with the obligations of internal control and monitoring for the purposes of facilitation of the prevention of money laundering and terrorist financing. Also it failed in adopting rules and procedures, which according to the article 2 paragraph 2 subparagraph “q” of the “Rule for determining, imposing and enforcing of the fine for the violation of the requirements of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” by the microfinance organizations, currency exchange points and entities carrying out money transfers” adopted on February 7, 2012 by the order №25/04 of the President of the National Bank of Georgia envisages fine with the amount of 5 000 Lari;
3. During the inspection, 4 (four) cases of submitting inaccurate information to the inspection team was revealed, which according to the article 3 paragraph 3 subparagraph “o” of the “Rule for determining, imposing and enforcing of the fine to the microfinance organizations and currency exchange bureaus” adopted on February 5, 2020 by the order №16/04 of the President of the National Bank of Georgia envisages fine with the amount of 2 000 Lari on each case. Total – 8 000 Lari;
4. After the period of 13 June, 2017 in 2 (two) cases of the violation of the norms of article 6 of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” (subsequently law) and article 6 and 6¹ of the regulation “Regarding the Rule of the Acquiring, Systematization, Processing and Transferring the Information to the Financial Monitoring Service of Georgia by the Microfinance Organizations” adopted on January 24, 2012 by the order N7 of the Head of the Financial Monitoring Service of Georgia (subsequently regulation) was revealed, which according to the article 2 paragraph 2 subparagraph “h” of the “Rule for determining, imposing and enforcing of the fine for the violation of the requirements of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” by the microfinance organizations, currency exchange points and entities carrying out money transfers” adopted on February 7, 2012 by the order №25/04 of the President of the National Bank of Georgia envisages fine with the amount of 500 Lari on each case. Total – 1 000 Lari;

 

5. Before the period of 13 June, 2017 in 2 (two) cases of the violation of the norms of article 6 of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” (subsequently law) and article 6 and 6¹ of the regulation “Regarding the Rule of the Acquiring, Systematization, Processing and Transferring the Information to the Financial Monitoring Service of Georgia by the Microfinance Organizations” adopted on January 24, 2012 by the order N7 of the Head of the Financial Monitoring Service of Georgia (subsequently regulation) was revealed, which according to the article 2 paragraph 7 subparagraph “b” of the “Rule for determining, imposing and enforcing of the fine for the violation of the requirements of the law of Georgia on “Facilitation of Prevention of the Legalization of Illegal Income” by the microfinance organizations, currency exchange points and entities carrying out money transfers” adopted on February 7, 2012 by the order №25/04 of the President of the National Bank of Georgia (which was in force prior to 13 June, 2017) envisages fine with the amount of 300 Lari on each case. Total – 900 Lari.

LTD „Microfinance Organization Piazza Capital (445425763) was fined with the total amount of 28 900 (twenty-eight thousand nine hundred) Lari.