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National Bank of Georgia Enforcement Action: Pasha Bank Georgia

THE MONETARY FINE WAS IMPOSED ON COMMERCIAL BANK JSC “PASHA BANK GEORGIA” (I.N. 404433671)

The monetary fine of 38 000 (thirty-eight thousand) GEL was imposed on commercial bank JSC “PASHA BANK GEORGIA” (I.N. 404433671)

  1. For 3 (three) cases for failure to comply with the requirements of Article 3 (customer risk revision till January 1, 2020) of the Order N82/04 of the President of the National Bank of Georgia May 7, 2019 (hereinafter referred to as “Order”) and failure to revise customer risk in compliance with the risk factors provided by the internal regulations (policy/procedures) of the Commercial Bank; For 2 (two) cases for failure to revise customer risk in accordance with Article 2, Paragraph “1”, Subparagraph “L”, Annex 1 of the Order.
  2. For 2 (two) cases for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection;
  3. For 3 (three) cases for failure to report accurate information to the National Bank of Georgia under the provisions of the “Rule on the filing and submitting illicit income legalization and Terrorism Financing Risk Supervision Reports by commercial banks” adopted on December 04, 2017 by the decree № 162/04 of the President of the National Bank of Georgia.

Link:

National Bank of Georgia Notice

Categories: Anti-Money Laundering Civil Monetary Penalties Enforcement Actions National Bank of Georgia updates

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