On the imposition of the monetary fine on the JSC "Microfinance Organization Georgian International Miso" (I/N 401985107)

    1. During the inspection, 2 (two) cases (period of 06.02.2020 – 19.03.2021) of submitting inaccurate information to the inspection team was revealed, which according to the article 2 paragraph 2, sub-paragraph "Q" 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 1 000 Lari on each case. Total – 2 000 Lari;

    2. During the inspection, it was revealed that in 9 (nine) 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, which according to the article 2, paragraph 2, sub-paragraph "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 – 9 000 Lari;

    3. 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, sub-paragraph "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;

    4. 1 (one) case of the violation of the established requirements for accounting and storage of information (document) in the microfinance organization was revealed (period of 09/02/2012-05/10/2016), which according to the article 2, paragraph 7, sub-paragraph "I" 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 300 Lari;

    5. 3 (three) cases of the violation of the established requirements for accounting and storage of information (document) in the microfinance organization was revealed (period of 13/06/2017-27/06/2018), which according to the article 2, paragraph 2, sub-paragraph "K" 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 – 1 500 Lari;

    JSC "Microfinance Organization Georgian International Miso" (I/N 401985107) was fined with the total amount of 17 800 (seventeen thousand eight hundred) Lari.