Regarding the imposition of the monetary fine on the Currency Exchange Operator Individual Entrepreneur "Rza Tagiev" (I/N 28001012499)

1. Due to the non-fulfillment of the Article 29 paragraph 2 of the Law of Georgia “On Facilitating the Prevention of Money Laundering and the Financing of Terrorism”, In particular, policy implemented by currency exchange bureau related to internal control does not meet the requirements set by the legislation (as well as the guidelines of the National Bank), which according to the Article 3, paragraph 3, sub-paragraph “i” of the Rule Approved by the Decree №17/04 (a version after amendment made on April 06, 2021) of the President of the National Bank of Georgia on February 5, 2020 “On Determining, Imposing and Enforcing of the Fines to the Currency Exchange Operators and its Administrators” envisages a fine of 3 000 (Three Thousand) GEL.
2. Financial Penalty of 1 000 (one thousand) Lari was imposed on the Currency Exchange Operator for failure to report accurate information to the National Bank of Georgia (1 case) under the provisions of the “Rules on filing and submitting illicit income legalization and Terrorism Financing Risk Supervision Reports by Currency Exchange bureau” approved on November 15, 2018 under the Decree №248/04 of the President of the National Bank of Georgia, which under the Article 3, Paragraph 4, sub-paragraph ‘d’ of the Rules Approved by the Decree N17/04 of the President of the National Bank of Georgia on February 5, 2020 (a version adopted after 2021, 6 April amendment) “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a fine of 1 000 (thousand) lari on each case of infringement.
3. A Penalty of 7 000 (seven thousand) Lari was imposed on Currency Exchange Operator, as in 1 (one) case the information regarding the client and/or operation was not submitted through special program system, which according to the Article 3, paragraph 2, point “j” of the Rule Approved by the Decree N17/04 (a version after amendment made on April 06, 2021) of the President of the National Bank of Georgia on February 5, 2020 “On Determining, imposing and enforcing of the fines to the Currency Exchange bureau and its administrators” envisages a Fine of 7 000 (seven thousand) Lari on each case of infringement.

Thus, Currency Exchange Operator was fined with the total amount of 11 000 (eleven thousand) Lari.