In an exclusive interview with BMG, Levan Gogoladze, ESG and Sustainable Finance Coordinator at the Georgian Banking Association, highlighted the banking sector's response to the challenges posed by international sanctions.
According to Gogoladze, banks in both Georgia and Armenia are facing significant pressure due to sanctions and AML (Anti-Money Laundering) requirements. He emphasized that commercial banks have implemented rigorous monitoring systems, with specialized departments scrutinizing every transaction to prevent potential risks.
Despite these challenges, the banking expert noted that both countries have managed to adapt successfully to the new reality. He pointed to the growing cooperation between central banks and commercial institutions in both countries as a positive development in addressing these challenges.
Gogoladze particularly emphasized the importance of engagement with the European financial market and system, viewing it as a crucial step toward resolving current difficulties. He expressed confidence that the future of regional banking lies in closer integration with the EU, citing the current banking forum in Yerevan and its distinguished European participants as evidence of this positive trend.
