During the inspection period, 2 (two) cases of failure to submit correct information/documentation requested by the National Bank of Georgia, which according to the Article 3, paragraph 3, Sub-paragraph "O" on the “Rule for determining, imposing and enforcing of the fine to the microfinance organizations and their administrators" adopted by the decree №16/04 of the President of the National Bank of Georgia, on February 5, 2020 - envisages a fine of 2,000 (two thousand) GEL for each case of violation- in total 4,000 (four thousand) GEL.

Failure to implement recommendations given to the Microfinance Organization during the Inspection carried out under the decree № N164-1c of the National Bank of Georgia on 25 February, 2021 in Due time, which under the article 3, Paragraph 2, sub-paragraph “ I” of the “Rule for determining, imposing and enforcing of the fine to the microfinance organizations and their administrators" adopted by the decree №16/04 of the President of the National Bank of Georgia, on February 5, 2020 envisages a fine of 7,000 ( Seven thousand).

Failure to set up an electronic data-processing System consistent with the purposes of the Law of Georgia on Facilitating the Prevention of Money Laundering and the Financing of Terrorism, Article 27, paragraph 6, which under the article 3, Paragraph 2, sub-paragraph “E” of the ““Rule for determining, imposing and enforcing of the fine to the microfinance organizations and their administrators" adopted by the decree №16/04 of the President of the National Bank of Georgia, on February 5, 2020 envisages a fine of 20,000 (Twenty Thousand) GEL;

Failure to take adequate measure, to assess and obtaining information on the purpose and intended nature of the business relationship with one client, as required under the Article 10, paragraph 1 , subparagraph “c” of the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing, which under the article 3, Paragraph 3, sub-paragraph “H” of the “Rule for determining, imposing and enforcing of the fine to the microfinance organizations and their administrators" adopted by the decree №16/04 of the President of the National Bank of Georgia, on February 5, 2020 envisages a fine of 2,000 (Two Thousand) Gel for each case of violation – in total the obliged entity was fined 2,000 (Two thousand) Gel.

Failure to take adequate measure, to establish business profile of 2 (two) customers, as required under the Article 10, paragraph 4 of the Law of Georgia on Facilitating the Suppression of Money Laundering and Terrorism Financing, which under the article 3, Paragraph 3, sub-paragraph “H” of the “Rules On Determining the Penalty Amount, Imposition and Enforcement of Fines to the Microfinance Organizations and its Administrators” adopted by the Decree №16/04 of the President of the National Bank of Georgia on 5 February, 2020 envisages a fine of 2,000 (Two Thousand) Gel for each case of violation – in total the obliged entity was fined for 4000 GEL.

In total Microfinance organization was fined for – 37,000 (Thirty Seven thousand) GEL.