The National Bank of Georgia (NBG) has fined microfinance organisation LLC “Microfinance Organization Piazza Capital” a total of 17,300 GEL for multiple regulatory breaches.
The sanctions were imposed after inspections identified incorrect submission of requested documentation to the National Bank of Georgia, resulting in three violations and a combined fine of 6,000 GEL.
The Financial Monitoring Service of Georgia also identified one case of delayed reporting of a monitored transaction by more than five business days, which resulted in a 300 GEL fine.
In addition, two separate cases of failure to submit information on monitored transactions led to penalties totalling 4,000 GEL.
The regulator also fined the company 7,000 GEL for failing to comply with written requirements issued following a previous inspection.
In total, the company was fined 17,300 GEL for breaches of reporting and compliance obligations under Georgian financial regulations.
