Commercial banks will be fined by two thousand GEL for not accepting rules of inner control.
The change has been adopted in the order of the President of National Bank - Rule on Determination and Imposing of Financial Fines towards the Commercial Banks. This fine was determined to be a new kind of sanction.
The commercial bank or its administrator who will not ensure to adopt the procedures and rules of inner control/complying with these procedures and rules, will be fined by 2000 GEL.
This order took force right when signing. However, normative act takes force when it is published. The order names the reason of its immediate effect. It states that taking effect immediately was preconditioned by the necessity to perform supervisory functions of National Bank of Georgia envisaged by the legislation.
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