The monetary fine of 41 000 (Forty-one thousand) GEL was imposed on commercial bank JSC “TERABANK” (I.N. 204546045):

 

1. For 4 (four) cases for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection;

 

2. For 1 (one) case 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” (reasonable measures has not been taken to determine the source of wealth and the source of funds towards 1 customer);

 

3. Due to the violation of the requirements of the "Manual on the Implementation of Preventive Measures" approved by the order of the President of the National Bank of Georgia dated January 12, 2021 N4/04 (did not update the information in accordance with the law);

 

4. For 2 (two) cases for failure to comply with the requirements of Article 2 of Appendix N1 and Article 9 Clause 2 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" (did not implement the legal act of the National Bank and/or commercial assigning risk taking into account the relevant risk factors determined by the bank's internal policies/procedures);
5. For 1 (one) case for breach (submitting incorrect information to the National Bank of Georgia) of the rule approved by the order N162/04 (December 4, 2017) of the President of the National Bank of Georgia on “Filling and Submitting Report by the Commercial Banks on the Legalisation of Illicit Income and Terrorism Financing risk”;