When and how much did the Georgian
commercial banks pay in fines, the
National Bank doesn’t publish this information. The main financial regulator’s response
to Commersant question is as follows:
"The National Bank is entitled to apply sanctions in accordance with the Article 30 of the Georgian Law on Commercial Banks Activities depending on the seriousness of the violation. The sanctions imposed under the legislation envisage the imposition of a penalty. Information about a fine penalty against commercial banks by the Board of the National Bank of Georgia is considered confidential.
The maximum amount commercial banks can be fined is GEL 10 thousand. The relevant sanction is applied in three cases according to the rule for determining and imposing monetary penalties against commercial banks. In other cases the amount of fine makes GEL 1000 or 5000 GEL.
Unlike Georgia, how much and when commercial banks were fined are known. Over the past 10 years, American financial regulators have fined different banks across the globe $ 243 billion.
Bank of America paid a fine of $ 76,1 billion in recent years. The second is JPMorgan Chase which paid 43.7 billion in fines, while Citigroup is in the third place with $ 19 billion.
Among the foreign banks, the largest fines in the last two decades were paid by Deutsche Bank ($ 14 billion) to US regulators followed by Royal Bank of Scotland ($ 10.1 billion).
At the same time, consumers' claims against commercial banks are increasing. According to the data of 2017, 3 665 complaints were filed in banks, which is 28.2% more than in the same period of the previous year. In 2016, 2 857 people filed claims against the banks.