Georgia plays an important role in the international system of combating money laundering and the financing of terrorism. Under agreements with the European Union and Moneyval, Georgia is responsible for combating and detecting money laundering and terrorist financing. Moneyval checks compliance with the Financial Action Task Force (FATF) standards, a key requirement of countries to assess the risks of money laundering and terrorism financing.
Georgia has taken significant steps in the fight against financial crimes and has become compliant with international AML regulations. Financial Monitoring Service of Georgia was established in 2003 to combat financial crimes under the law "On Facilitating the Prevention of Illicit Income Legalization" of Georgia. Financial Monitoring Service of Georgia's main purpose is facilitating the prevention of money laundering and terrorism financing.
In 2019, the Georgian Parliament adopted the Law on Facilitating the Prevention of Money Laundering and Financing of Terrorism to ensure international AML compliance. With this law, the Financial Monitoring Service has been authorized to supervise the banks, microfinance institutions, foreign exchange offices, investment companies and all other financial institutions in the country.
The Financial Monitoring Service Of Georgia published a report on the risk level of money laundering and terrorist financing by sectors. All risk-bearing sectors are required to ensure AML compliance. Organizations must make AML controls to protect themselves from the threat of financial crime. These organizations are supervised by The Financial Monitoring Service Of Georgia. Organizations that do not meet the AML requirements are penalized.
In accordance with the requirements of the law of Georgia on Facilitating the Prevention of Illicit Income Legalization, Organizations have to implement and maintains measures for handling suspicious transactions. Risk-bearing organizations in Georgia have to detect customer's money originated from unlawful activities or other money laundering activities and report all identified instances of suspicious activities to the relevant authorities. Risk-bearing organizations must create an AML program that suits their own risk levels and conduct checks starting from the customer onboarding process. In the subsequent processes, organizations must perform customer monitoring and control customer transactions periodically.
Sanction Scanner is an AI-driven AML compliance software. Sanction Scanner helps risk-bearing organizations in Georgia meet compliance requirements. Risk-bearing organizations in Georgia can easily meet global and local AML requirements with Sanction Scanner. With our AML compliance solutions, financial services or non-financial services can prevent financial crimes by performing customer onboarding, customer monitoring, and transaction monitoring processes.
• Prevention of money laundering
• Prevention of terrorist financing
• Prevention of corruption,
• Prevention of bribery
• Prevention of tax evasion