THE MONETARY FINE WAS IMPOSED ON COMMERCIAL BANK JSC “VTB BANK GEORGIA” (I.N. 202906427)

    According to the results of the inspection carried out From September 13, 2021 to December 27, 2021 the monetary fine of 70 000 (seventy thousand) GEL was imposed on commercial bank JSC “VTB Bank Georgia” (I.N. 202906427):

     

    1. In 4 (four) 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 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”) (Taking reasonable measures to determine the source of property (source of funds) of a customer);
    2. Due to risk assignment/revision for 1 (one) client, without taking into account the relevant risk factors set by the internal regulations (policy/procedures) of the Commercial Bank;
    3. For 3 (three) cases for misrepresentation of information/document to the National Bank of Georgia in the process of inspection;
    4. In 4 (four) cases for breach of requirements set by the Paragraph 3, Article 21, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing” (taking reasonable measures to establish the source of wealth and the source of funds of a politically exposed person and conducting enhanced ongoing monitoring of a business relationship).
    5. In 1 (one) case for breach of requirements determined by the Paragraph 1, Article 25, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing” and Subparagraph “a”, Paragraph 1, Article 3 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” (Report a suspicious transaction to the Financial Monitoring Service of Georgia).