Basisbank Reaffirms Commitment to Full Compliance with Georgian Legislation and International Partners' Requirements

Basisbank has issued a statement emphasizing its long-standing commitment to fully complying with both Georgian legislation and the prerequisites set by its numerous international financial partners. The bank underscores its adherence to international sanctions enacted by the United States, the European Union, and the United Kingdom.

"We have fostered collaborative relationships with a multitude of international financial institutions over the years. Adherence to international sanctions is one aspect of our multifaceted compliance strategy, which demonstrates our unwavering commitment to Georgian law and to the standards set by our global partners". 

As context, it was revealed on September 18 of this year that Otar Fartskhaladze, the former Chief Prosecutor of Georgia, had been barred from accessing his bank accounts. According to a clarification provided by the National Bank of Georgia to BMG, this action was taken in line with international financial sanctions enforcement protocols.

Subsequently, on September 19, the NBG issued an extraordinary order to restore access to the bank accounts of the sanctioned Otar Fartskhaladze.