The monetary fine of 149 500 (one hundred forty-nine thousand five hundred) GEL was imposed on commercial bank “Liberty Bank” (I.N. 203828304) JSC

    The monetary fine of 149 500 (one hundred forty-nine thousand five hundred) GEL was imposed on commercial bank “Liberty Bank” (I.N. 203828304) JSC

     

    1. In 5 (five) cases (obtaining the approval of senior management to establish a business relationship with a customer) for breach of requirements determined by the Subparagraph “f”, Paragraph 1, Article 61 of the regulation approving by the Order N4 of the Head of the Financial Monitoring Service of Georgia January 18, 2012 “Receiving, Systemizing and Processing the Information by Commercial Banks and Forwarding to the Financial Monitoring Service of Georgia” (hereinafter referred to as “Regulation”);
    2. In 3 (three) cases for breach of requirements set by the Subparagraph “e”, Paragraph 1, Article 18, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing”, and Subparagraph “c”, Paragraph 21, Article 6 and Subparagraph “d”, Paragraph 1, Article 61 of the regulation (Taking reasonable measures to determine the source of property (source of funds) of a customer);
    3. Due to risk assignment/revision for the client, without taking into account the relevant risk factors set by the internal regulations (policy/procedures) of the Commercial Bank and the Order N82/04 of the President of the National Bank of Georgia;
    4. For 7 (seven) cases for misrepresentation and for 2 (two) cases for delay of information/document to the National Bank of Georgia in the process of inspection.
    5. For the obstruction to the inspection team of National Bank of Georgia during the inspection period, which led to delays in the process of inspection (The mentioned issue was caused due to the delay and incorrect delivery of information/documentation, which led to the receipt of incorrect/inaccurate  data on customers)
    6. For 1 (one) case of failure to report accurate information to the National Bank of Georgia under the provisions of the "Rule on the filing and submitting illicit income legalization and Terrorism Financing Risk Supervision Reports by commercial banks" adopted on December 04, 2017 by the decree № 162/04 of the President of the National Bank of Georgia.
    7. For the breach of the Requirements of Paragraph 6, article 27, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing”, and Paragraph 1, Article 3, of the rule established by the Order N1 of the Head of the Financial Monitoring Service of Georgia on June 5, 2020 “On Approval of the Rule on Record-keeping, Storage and Reporting of the Information on the Transaction by Obliged Entity to the Financial Monitoring Service of Georgia”
    8. For 123 (one hundred twenty three) cases of failure to comply with the requirements set by the Subparagraph “a”, Paragraph 4, Article 12, of the Regulation (delayed submission of reports to the Financial Monitoring Service of Georgia on the operations (transactions) above the threshold and/or the series of bank operations (transactions) in the period from January 2018 to December 31, 2019.