The monetary fine of 95 000 (ninety five thousand) GEL was imposed on commercial bank “BANK OF GEORGIA” JSC (I.N. 204378869)

1. For 1 (one) case for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection;
2. For 14 (fourteen) cases for breach of requirements set by Paragraph 5, Article 10 or/and the Subparagraph “e”, Paragraph 1, Article 18, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing”, (reasonable measures has not been taken to investigate a transaction and/or determine the source of wealth and the source of funds).
3. For 2 (two) cases for failure to comply with the requirements of Article 2 of Appendix N1 of the Order N82/04 of the President of the National Bank of Georgia May 7, 2019 "On Approving the Risk Assessment Guidelines for Legalization of Illegal Income and Financing of Terrorism" (the risk is not assigned taking into account the relevant risk factors determined by the legal act of the National Bank and/or the internal policies/procedures of the commercial bank);
4. For 1 (one) case for breach requirements (delay in submitting the report to the Financial Monitoring Service) set by the Paragraph 1, Article 25 and Paragraph 2, Article 26, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing”, also of the Requirements of Paragraph 3, Article 3 and Paragraph 1, Article 9 of the rule approved by the Order N1 (June 5, 2020) of the Head of the Financial Monitoring Service of Georgia on “Record-keeping, Storage and Reporting of the Information on the Transaction by Obliged Entity to the Financial Monitoring Service of Georgia”.