Financial Organizations Are Instructed To Make List Of Suspicious Persons

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05.Dec .2022 12:00

Financial Organizations Are Instructed To Make List Of Suspicious Persons

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Author:Natia Taktakishvili

Regulations for the financial sector have been tightened. In order to identify suspicious persons, each bank, a microfinance organization, lending entity, or currency exchange booth is required to access/produce a special electronic system to ensure the detection of suspicious signs.

Failure to have such lists, or functioning with significant deficiencies, shall result in a fine of the following amount:

• Banks – in the amount of GEL 20,000;
• MFO - in the amount of GEL 20,000;
• Lending entity - in the amount of GEL 15,000;
• Payment service provider - in the amount of GEL 15,000;
• Currency exchange booths - in the amount of GEL 10,000;
• Credit Union - in the amount of GEL 10,000;
• Individuals and members of the governing body - in the amount of GEL 20,000.

MFO regulations