Regulatory Alerts2016-05-05 | 47/04Approval of Rules for Reporting Illicit Income Legalization and Terrorist Financing Risks by Securities Registrars
The National Bank of Georgia issued Order No. 47/04 to approve the regulatory framework governing how securities registrars must complete reports and present information regarding the legalization of illicit income and terrorist financing risks. The rule mandates the submission of ten specific reporting forms covering registrar details, client base structures, residency data, high-risk activities, and suspicious transaction statistics to enable remote supervision. It establishes precise definitions, data entry principles, and requirements for disclosing beneficial owners and high-risk entities to ensure adequate internal control and risk assessment.
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