Due to 2 (two) cases of submitting inaccurate information to the National Bank of Georgia. In particular, during the inspection, 1 (one) fact of misrepresentation of information about transactions concluded between clients (Appendix No. 5) and 1 (one) fact of misrepresentation of the client base (Appendix No. 1) to the group of inspectors. which according to the order №35/04 of the President of the National Bank of Georgia adopted on February 14, 2012, “against the person and the members of the governing body, Securities legislation, accounting, reporting and auditing”, On Facilitating the Suppression of Money Laundering and Terrorism Financing", "Rule for determining, imposing and executing monetary penalty article 5² paragraph 3 subparagraph "N" envisages a fine of 2,000 (two thousand) GEL for each case of violation- in total 4,000 (four thousand) GEL.

 

Due to 3 (three) cases, Failure to obtain the permission of the management to establish and/or continue a business relationship with a high risk client, which according to the order №35/04 of the President of the National Bank of Georgia adopted on February 14, 2012, “against the person and the members of the governing body, Securities legislation, accounting, reporting and auditing”, On Facilitating the Suppression of Money Laundering and Terrorism Financing", Rule for determining, imposing and executing monetary penalty article 5² paragraph 3 subparagraph "D" envisages a fine of 2,000 (two thousand) GEL for each case, in total 6,000 (six thousand) GEL.

Due to 1 (one) case, Failure to submit report on a suspicious transaction to the Financial Monitoring Service within the deadlines. which according to the order №35/04 of the President of the National Bank of Georgia adopted on February 14, 2012, “against the person and the members of the governing body, Securities legislation, accounting, reporting and auditing”, On Facilitating the Suppression of Money Laundering and Terrorism Financing", Rule for determining, imposing and executing monetary penalty article 5² paragraph 2 subparagraph "B" envisages a fine of 3,000 (three thousand) GEL for each case, in total 3,000 (three thousand) GEL.

Financial Penalty of 10,000 (ten thousand) GEL was imposed on the registrar of securities according to the order №35/04 of the President of the National Bank of Georgia adopted on February 14, 2012, “against the person and the members of the governing body, Securities legislation, accounting, reporting and auditing”, On Facilitating the Suppression of Money Laundering and Terrorism Financing", "Rule for determining, imposing and executing monetary penalty article 5² paragraph 2 subparagraph "E", as their software (electronic) system functioning with significant deficiencies for the purposes of facilitating the prevention of money laundering and financing of terrorism.

THE SECURITIES REGISTRAR “JSC KAVKASREESTRI” (I/N 211369115) was fined with total amount of 23,000 (twenty three thousand) GEL.