Regarding the imposition of the monetary fine on the Currency Exchange Operator Individual Entrepreneur "Elmuraz mamedov" (I/N 12001090384)

    Regarding the imposition of the monetary fine on the Currency Exchange Operator Individual Entrepreneur "Elmuraz mamedov" (I/N 12001090384)

    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.
    1. Financial Penalty of 3 000 (three thousand) Lari was imposed on the Currency Exchange Operator for failure to report accurate information to the National Bank of Georgia (3 cases) 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.
    2. Due to the non-fulfillment of the Article 27 paragraph 6 of the Law of Georgia “On Facilitating the Prevention of Money Laundering and the Financing of Terrorism”, In particular, electronic system (hereinafter – “The Software”) instilled by the bureau is not able to detect related, unusual and suspicious transactions. In addition, the software cannot verify the customers, their beneficial owners, persons authorized to direct and represent legal persons, and other persons participating in the transaction against the lists of sanctioned and politically exposed persons. Which under the Article 3, Paragraph 2, sub-paragraph “e” of the Rules 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 Determining, imposing and enforcing of the fines to the Currency Exchange Bureau and its Administrators” envisages a fine of 10 000 (Ten Thousand) GEL.

     

    Thus, Currency Exchange Operator was fined with the total amount of 16 000 (sixteen thousand) Lari.