Tbilisi (GBC) The NBG fined "Nova Credit" with GEL 32,000 due to the failure of the software system, which was required for data recording and processing. Also, the microfinance organization does not have a proper electronic system to detect suspicious and unusual transactions.
Tbilisi (GBC) The NBG fined "Nova Credit" with GEL 32,000 due to the failure of the software system, which was required for data recording and processing. Also, the microfinance organization does not have a proper electronic system to detect suspicious and unusual transactions.
The aforementioned requirements are set by the Law on "Promotion of Prevention of Money Laundering and Financing of Terrorism" to participants of the financial market.
"Nova Credit" also violated the rules of AML/CFT reporting (money laundering and terrorism financing risk supervision reports). MFO has provided incorrect information to the supervisor 7 times and is sanctioned with 1 000X7=GEL 7 000 in this section.
MFO (shareholder (100%) Nadezhda Rudenko) has been on the market since 2010 and has a portfolio of 3 million.
Assets |
7,436,265 |
Loans |
3,164,899 |
Revenue (from interest) |
1 174 177 |
Retail Loans |
439 000 |
From Penalties And Fines |
525 000 |
From Commissions (non-interst) |
58 400 |
Personal Expenditures |
234 241 |
Net Porift |
347 153 |
(Period: Q3/2022)