For the purpose of protecting requirements of the law against illegal revenues legalization, the National Bank of Georgia (NBG) has inspections various financial companies. As a result, fines imposed on non-bank financial institutions made up 712 750GEL.
According to the 2017 report by NBG, a total of 95 currency exchange booths, 6 microfinance organizations, 32 money transfer bodies and 7 payment service providers were inspected.
The inspection has disclosed a constant violation of legislation in such directions as improper identification of client and beneficiary owners and registration and storage of information, non-transmission of deals under monitoring to Financial Monitoring Service of Georgia, absence of internal control procedures and so on.
NBG has also inspected two commercial banks and their penalty sanctions amounted to 1.9 million GEL.