On the imposition of Monetary Fine to the Loan Issuing Entity LTD “United Capital” (Identification number 405477452)

Loan Issuing Entity submitted the initial registration form to the Financial Monitoring Service late. The Loan Issuing Entity was registered at National Bank of Georgia on October 21, 2021. Under the rule of the Head of the Financial Monitoring Service of Georgia amended on June 5, 2020 “On the Approval of Rules on Record –Keeping, Storage and Reporting of the Information on the Transaction by Obligated Entities to the Financial Monitoring Service of Georgia”, under the Article, Paragraph 2, Loan Issuing Entity which had started its activities before the implementation of this rule, should have submitted form to the Financial Monitoring Service of Georgia within 1 month after the implementation of this rule. According to Article 2 of the same rule, the order came into effect on October 20, 2020. Based on the fact that the Loan Issuing Entity had started its activities before the above-mentioned rule came into effect, it was obliged to submit a completed registration form to the Financial Monitoring Service of Georgia within 10 working days, which has not been done. Loan Issuing Entity submitted the initial registration form to the Financial Monitoring Service on 28 January, 2025. In accordance with article 2¹, paragraph 2, sub-paragraph "A" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 5,000 (five thousand) GEL.

Financial Penalty of 4 000 (four thousand) Lari was imposed on Loan Issuing Entity for 2 (two) cases of failure to submit correct information to the Inspection group of the National Bank of Georgia during inspection, which In accordance with article 2¹, paragraph 3, sub-paragraph "N" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 2,000 Gel for each case, In total- 4 000 lari (four thousand) GEL.

One case of failure by the Loan Issuing Entity to obtain permission from director to establish a business relationship with the individual in accordance with the high risk, which In accordance with article 2¹, paragraph 3, sub-paragraph "d" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 2,000 Gel for each case, In total- 2 000 lari (two thousand) GEL.

Two case of failure to determine the essence of the client's activity by the Loan Issuing Entity, which In accordance with article 2¹, paragraph 3, sub-paragraph "t" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 2,000 Gel for each case, In total- 4 000 lari (four thousand) GEL.

One case of failure providing services without identification/verification (including a person acting on behalf of a client) by the Loan Issuing Entity, which In accordance with article 2¹, paragraph 3, sub-paragraph "b" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 1,000 Gel for each case, In total- 1 000 lari (thousand) GEL.

Two case of failure to provide accurate information (Money Laundering and Terrorist Financing Risk Supervision Report) to the National Bank of Georgia by the Loan Issuing Entity, which In accordance with article 2¹, paragraph 4, sub-paragraph "g" of the "Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Loan Issuing Entities" approved by Order No. 218/04 of the President of the National Bank of Georgia dated September 27, 2018, it envisages fine of - 1,000 Gel for each case, In total- 2 000 lari (two thousand) GEL.

 

In total Loan Issuing Entity LTD “United Capital” (Identification number 405477452) was fined with 18 000 (eighteen Thousand) lari.