The monetary fine of 38 000 (Thirty-eight thousand) GEL was imposed on payment service provider “Adjarapay” LLC (I.N. 404984978).
As per NBG explanation note, the company was imposed monetary sanctions for several violations. In particular:
For 2 (two) cases for misrepresentation of information/documentation to the National Bank of Georgia in the process of inspection;
For 3 (three) cases for breach of requirements set by the subparagraph “e”, Paragraph 1, Article 18, law of Georgia „On Facilitating the Suppression of Money Laundering and Terrorism Financing” (reasonable measures has not been taken to determine the source of wealth and the source of funds towards 3 customers);
For 2 (two) cases for failure (submitting incorrect information to the National Bank of Georgia) of the rule approved by “the order N43/04, March 28, 2017 of the President of the National Bank of Georgia on Rules on Compiling Reports and Submitting Information on the Supervision of Terrorism Financing and Money Laundering Risks by Payment Service Providers”;
For 3 (three) cases from payment service provider was revealed non-fulfilment of the written requirements for a payment service provider, which were from the outcome of an on-site inspection, within the established timeframe
According to the business register, the ultimate owner of Adjarapay is Atlas Holdings LLC, part of TSE Holdings Limited registered in the United Kingdom of Great Britain and Northern Ireland. CEO at "Adjarapay" is Konstantine Kachkachishvili.
