The lending institution, “Royal Credit” LLC (Registration Number: 454406438), was penalized with a fine of 5,000 GEL due to its failure to timely submit the necessary registration form to the Financial Monitoring Service of LSI Georgia. This penalty arises from its non-compliance with the regulations stipulated in Order No. 1 issued by the Head of the Financial Monitoring of Georgia on June 5, 2020.
According to the provisions outlined in Article 2 of the aforementioned order, which became effective on October 20, 2020, lending entities established prior to the enactment of this order were obligated to submit their completed registration forms to the Financial Monitoring Service of LSI Georgia no later than November 20, 2020. However, “Royal Credit” LLC failed to fulfill this requirement.
The penalty of 5,000 GEL is in accordance with Article 21, Clause 2, Sub-Clause “A” of the “Rules for Determining, Imposing and Enforcing the Amount of Monetary Fines for Lenders,” as approved by Order No. 218/04 of the President of the National Bank of Georgia on September 27, 2018. This fine was levied as a consequence of the lending entity’s non-compliance with the regulatory framework regarding the submission of necessary documentation to the Financial Monitoring Service.