Regarding the imposition of the monetary fine on the Currency Exchange Operator LTD "Nika-Zaur" (I/N 445493733)

1. Due to the non-fulfillment of the Article 29 paragraphs 1 and 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. 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.
   
   
3. As a result of the inspection, it was revealed that the submission of the initial registration form to the Financial Monitoring Service had been delayed by the Currency Exchange Bureau. Delayed submission of the initial registration form Approved by the Order of the Head of the Financial Monitoring Service of Georgia №1 of June 18, 2012, “On the Procedure for Receiving, Systematizing, Processing and Transferring Information to the Financial Monitoring Service of Georgia by Currency Exchange Bureaus” envisages a fine of 3 000 (Three Thousand) GEL according to the Article 3, paragraph 2, sub-paragraph “a” 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”. Total - 3 000 (Three Thousand) GEL.
   
   

Thus, Currency Exchange Operator was fined with the total amount of 13 000 (thirteen thousand) Lari.