Regulatory Alerts2010-03-17 | 44/01Regulation on the Use of International Bank Account Number in Banking Institutions of Georgia
The National Bank of Georgia issued Order N 44/01 to mandate the adoption of International Bank Account Numbers (IBAN) for client and inter-bank accounts involved in international settlements. The regulation defines the 22-character IBAN structure, establishes generation and validation procedures based on ISO standards, and requires banks to integrate these formats into all electronic and physical documentation. Banks were required to assign IBANs to new accounts starting in May 2010 and convert existing accounts by January 1, 2013, under penalty of sanctions for non-compliance.
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