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October 28, 2022: National Bank of Georgia fines Smart Finance 11,000 Lari


The monetary fine of 11 000 (Eleven Thousand) GEL was imposed on microfinance organization “Smart Finance” (I.N. 212918976).

For 3 (three) cases for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection – in total 6000 GEL;

For One case of failure to apply/revise customer risk in accordance with the risk-factors envisaged under the “Guideline for customer risk assessment/revision” of the Order N82/04 of the President of the National Bank of Georgia May 7, 2019 and of the internal regulations (policy/procedures) of the microfinance organization – in total 3000 GEL;

For a case of 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 Microfinance organizations” adopted on May 31, 2016 by the decree № 61/04 of the President of the National Bank of Georgia – In total 2000 GEL.

National Bank of Georgia Notice


National Bank of Georgia Enforcement Notice

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


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