Fine of 1.9 mln GEL to be imposed on 2 banks
As a result of inspections conducted by the National Bank of Georgia for the purpose of fulfilment of requirements of the legislation banning legalization of illegal incomes, fine sanctions imposed on non-banking financial institutions made total of 712,750 GEL. According to National Bank’s 2017 report, in total 96 currency exchange points, 6 micro-finance organizations, 32 persons dealing with money transfers and 7 payment service providers were inspected. As a result, facts of systematic lawbreaking were revealed in directions, such as identification of clients and beneficiary owners and improper registration and storage of information, as well as failure to submit transactions subject to monitoring to Georgian Financial Monitoring Service, absence of internal procedures, etc. Besides, 2 commercial banks were selected and inspected, and fine sanctions imposed as a result of inspection made total of 1.9 mln GEL.
