The National Bank of Georgia (NBG) has fined 13 companies for violating the country’s anti-money laundering (AML) legislation and financial monitoring requirements.
The NBG says the companies breached the Law of Georgia ‘On the Promotion of Prevention of Money Laundering and Financing of Terrorism’ and failed to comply with financial monitoring obligations, including the recording, storage, and submission of information to the Financial Monitoring Service of Georgia. Companies were fined GEL 3,000 for each violated provision.
Among those sanctioned was Unitron LLC, which operates under the Werty brand. The company, owned by former MP Irakli Sesiashvili, was found to have committed three violations and was fined GEL 9,000. Unitron provides virtual asset exchange services.
WhiteBIT Georgia LLC, a cryptocurrency trading company partly owned by businessmen Sulkhan and Lasha Papashvili, was fined GEL 3,000 after the NBG identified one violation. The Papashvili brothers each own a combined 50% stake in the company.
The National Bank published the list of sanctioned companies on July 20. Other companies fined include Fabit Georgia LLC, Stelex LLC, Matio LLC, Kryptotech Solution LLC, Crypto Change Batumi LLC, Digital Platform LLC, Bitari LLC, Bitanika LLC, Betcave LLC, Sport Exchange LLC, and Digital Markets Solution LLC.
