The monetary fine of 42 000 (Forty-two thousand) GEL was imposed on payment service provider “FastPay” LLC (I.N. 405273289):

1. For 1 (one) case for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection;
2. For 2 (two) cases for breach of requirements set by the subparagraph “d”, Paragraph 1, Article 18, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing” (for not obtaining the approval of senior management to establish or continue a business relationship towards 2 customers);
3. For 4 (four) cases for failure (submitting incorrect information to the National Bank of Georgia) of the rule approved by “the order N43/04, March 28, 2017 of the President of the National Bank of Georgia on Rules on Compiling Reports and Submitting Information on the Supervision of Terrorism Financing and Money Laundering Risks by Payment Service Providers”;
4. For 2 (two) cases from payment service provider was revealed non-fulfilment of the written requirements for a payment service provider, which were from the outcome of an on-site inspection, within the established timeframe;
5. For 1 (one) case from payment service provider was revealed functioning of a software (electronic) system with significant flaws.